Potentia Wealth Takes $215,000 Position in Adobe Inc. (NASDAQ:ADBE)

Potentia Wealth bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 484 shares of the software company’s stock, valued at approximately $215,000.

A number of other hedge funds also recently made changes to their positions in ADBE. Proficio Capital Partners LLC raised its stake in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. FMR LLC lifted its position in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $243,827,000. Assenagon Asset Management S.A. grew its holdings in shares of 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 last quarter. Finally, Seilern Investment Management Ltd purchased a new position in shares of Adobe in the fourth quarter worth $110,744,000. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. Barclays cut their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Morgan Stanley lowered their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Robert W. Baird cut their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Wells Fargo & Company reduced their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Eleven equities research 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Adobe Stock Up 1.9 %

Adobe stock opened at $394.47 on Tuesday. The firm has a market cap of $171.75 billion, a price-to-earnings ratio of 31.81, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The stock has a fifty day simple moving average of $433.88 and a two-hundred day simple moving average of $473.88.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The company 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 quarter last year, the company posted $4.48 earnings per share. Equities analysts predict 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.