CGN Advisors LLC Makes New $1.19 Million Investment in Adobe Inc. (NASDAQ:ADBE)

CGN Advisors LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,683 shares of the software company’s stock, valued at approximately $1,193,000.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. International Assets Investment Management LLC lifted its holdings in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD acquired a new position in shares of Adobe in the 2nd quarter valued at about $663,745,000. FMR LLC boosted its holdings in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the period. Finally, Erste Asset Management GmbH bought a new position in Adobe in the third quarter worth approximately $126,703,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.7 %

Shares of ADBE opened at $429.99 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The stock has a fifty day simple moving average of $476.55 and a two-hundred day simple moving average of $512.82. The company has a market capitalization of $189.28 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,763 shares of company stock worth $893,665. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Bank of America cut their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Wells Fargo & Company cut their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Royal Bank of Canada reduced their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.