TrinityPoint Wealth LLC Purchases 142 Shares of Adobe Inc. (NASDAQ:ADBE)

TrinityPoint Wealth LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 17.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 967 shares of the software company’s stock after acquiring an additional 142 shares during the period. TrinityPoint Wealth LLC’s holdings in Adobe were worth $430,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC raised its stake in Adobe by 287.9% during the 4th quarter. True Wealth Design LLC now owns 225 shares of the software company’s stock worth $100,000 after acquiring an additional 167 shares during the period. State of Wyoming grew its holdings in Adobe by 292.3% during the 4th quarter. State of Wyoming now owns 3,174 shares of the software company’s stock valued at $1,411,000 after buying an additional 2,365 shares in the last quarter. Strategic Global Advisors LLC grew its holdings in Adobe by 4.2% during the 4th quarter. Strategic Global Advisors LLC now owns 5,917 shares of the software company’s stock valued at $2,631,000 after buying an additional 237 shares in the last quarter. Strive Asset Management LLC purchased a new stake in Adobe during the 4th quarter valued at approximately $1,163,000. Finally, Second Line Capital LLC grew its holdings in Adobe by 3.5% during the 4th quarter. Second Line Capital LLC now owns 768 shares of the software company’s stock valued at $342,000 after buying an additional 26 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost 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 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 is available at the SEC website. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Bank of America cut their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Wells Fargo & Company cut their price objective on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Morgan Stanley cut their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Up 3.1%

NASDAQ:ADBE opened at $417.13 on Monday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $177.78 billion, a price-to-earnings ratio of 33.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The stock has a fifty day simple moving average of $375.68 and a 200-day simple moving average of $433.63. 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 (NASDAQ:ADBE) last released its 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 EPS 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.