Ceeto Capital Group LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Ceeto Capital Group LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.6% during the fourth quarter, Holdings Channel reports. The firm owned 2,855 shares of the software company’s stock after acquiring an additional 225 shares during the period. Ceeto Capital Group LLC’s holdings in Adobe were worth $1,270,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares during the last quarter. Arizona State Retirement System increased its position in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after purchasing an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after buying an additional 1,326 shares in the last quarter. M. Kraus & Co purchased a new position in Adobe in the fourth quarter worth $3,285,000. Finally, Silicon Valley Capital Partners raised its holdings in shares of Adobe by 4.1% during the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after buying an additional 236 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Stifel Nicolaus dropped their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $530.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Summit Redstone set a $410.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Finally, Morgan Stanley dropped their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $527.12.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last ninety days. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $352.47 on Friday. The firm has a market cap of $150.22 billion, a PE ratio of 28.43, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The business’s fifty day simple moving average is $413.00 and its 200-day simple moving average is $455.70. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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 analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the company earned $4.48 earnings per share. Equities 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.