SageView Advisory Group LLC Buys 777 Shares of Adobe Inc. (NASDAQ:ADBE)

SageView Advisory Group LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 14.0% during the fourth quarter, HoldingsChannel reports. The firm owned 6,333 shares of the software company’s stock after purchasing an additional 777 shares during the quarter. SageView Advisory Group LLC’s holdings in Adobe were worth $2,816,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Decker Retirement Planning Inc. bought a new stake in Adobe during the 4th quarter valued at approximately $31,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the fourth quarter valued at approximately $31,000. Caitlin John LLC grew its stake in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. Avion Wealth raised its holdings in Adobe by 112.2% in the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after purchasing an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC lifted its position in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. Bank of America reduced their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Stifel Nicolaus cut their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. BMO Capital Markets lowered their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Royal Bank of Canada restated an “outperform” rating and issued a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Eleven 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 stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $527.12.

Insider Buying and Selling

In other news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by company insiders.

Adobe Price Performance

NASDAQ ADBE opened at $352.47 on Friday. The company has a 50-day moving average price of $413.00 and a 200-day moving average price of $455.70. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $150.22 billion, a P/E ratio of 28.43, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during 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 prior year, the company earned $4.48 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

About Adobe

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.