Three Seasons Wealth LLC Acquires New Position in Adobe Inc. (NASDAQ:ADBE)

Three Seasons Wealth LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,934 shares of the software company’s stock, valued at approximately $860,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Virtu Financial LLC purchased a new stake in Adobe in the 3rd quarter worth approximately $4,167,000. Morse Asset Management Inc increased its stake in shares of Adobe by 32.6% in the 3rd quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock valued at $4,398,000 after purchasing an additional 2,088 shares in the last quarter. Te Ahumairangi Investment Management Ltd raised its holdings in Adobe by 12.9% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock worth $2,294,000 after purchasing an additional 510 shares during the period. Anchor Investment Management LLC boosted its position in Adobe by 1.6% during the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock worth $8,420,000 after purchasing an additional 255 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co grew its holdings in Adobe by 13.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company’s stock valued at $13,168,000 after purchasing an additional 3,071 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $360.91 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $153.82 billion, a price-to-earnings ratio of 29.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The business has a 50-day moving average of $394.82 and a 200 day moving average of $446.30. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced 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. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 firm earned $4.48 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. DA Davidson reduced their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Finally, Bank of America lowered their price target on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $502.88.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.16% of the company’s stock.

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.