Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Patten & Patten Inc. TN

Patten & Patten Inc. TN increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.2% in the first quarter, Holdings Channel reports. The firm owned 27,816 shares of the software company’s stock after acquiring an additional 68 shares during the period. Patten & Patten Inc. TN’s holdings in Adobe were worth $10,668,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ADBE. Brighton Jones LLC increased its holdings in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after purchasing an additional 167 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in Adobe during the 4th quarter worth about $76,712,000. Ninety One UK Ltd boosted its position in Adobe by 36.1% during the 4th quarter. Ninety One UK Ltd now owns 84,957 shares of the software company’s stock worth $37,779,000 after acquiring an additional 22,542 shares during the period. Redwood Wealth Management Group LLC lifted its holdings in shares of Adobe by 25.6% during the 4th quarter. Redwood Wealth Management Group LLC now owns 1,056 shares of the software company’s stock valued at $470,000 after buying an additional 215 shares during the last quarter. Finally, Avitas Wealth Management LLC lifted its holdings in shares of Adobe by 0.6% during the 4th quarter. Avitas Wealth Management LLC now owns 6,229 shares of the software company’s stock valued at $2,770,000 after buying an additional 39 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Bank of America lowered their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley decreased their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. DA Davidson decreased their price target on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Citigroup reduced their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Trading Up 0.3%

NASDAQ ADBE opened at $413.91 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $380.10 and a two-hundred day simple moving average of $426.39. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a market cap of $176.41 billion, a P/E ratio of 33.38, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business earned $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.