Concentrum Wealth Management Has $4.25 Million Position in Adobe Inc. (NASDAQ:ADBE)

Concentrum Wealth Management raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 9,561 shares of the software company’s stock after purchasing an additional 257 shares during the quarter. Adobe comprises approximately 1.5% of Concentrum Wealth Management’s holdings, making the stock its 17th biggest holding. Concentrum Wealth Management’s holdings in Adobe were worth $4,252,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. United Bank lifted its holdings in shares of Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Two Sigma Advisers LP lifted its stake in Adobe by 13.3% during the third quarter. Two Sigma Advisers LP now owns 58,700 shares of the software company’s stock worth $30,394,000 after purchasing an additional 6,900 shares during the last quarter. Zacks Investment Management lifted its stake in Adobe by 14.1% during the third quarter. Zacks Investment Management now owns 3,247 shares of the software company’s stock worth $1,681,000 after purchasing an additional 401 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Adobe in the 3rd quarter valued at $1,049,000. Finally, Tenere Capital LLC increased its stake in shares of Adobe by 260.8% in the 3rd quarter. Tenere Capital LLC now owns 33,558 shares of the software company’s stock valued at $17,376,000 after purchasing an additional 24,258 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. Corporate insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. BMO Capital Markets lowered their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Stifel Nicolaus lowered 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. Finally, Mizuho cut their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $349.07 on Monday. Adobe Inc. has a 1-year low of $333.36 and a 1-year high of $587.75. 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 stock has a market cap of $148.77 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The stock’s fifty day simple moving average is $425.66 and its two-hundred day simple moving average is $463.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the company earned $4.48 earnings per share. As a group, analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal 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.