Edge Capital Group LLC Buys New Stake in Adobe Inc (ADBE)

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Edge Capital Group LLC bought a new position in Adobe Inc (NASDAQ:ADBE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,543 shares of the software company’s stock, valued at approximately $575,000.

A number of other large investors also recently made changes to their positions in the stock. Ruggie Capital Group purchased a new stake in Adobe during the fourth quarter valued at about $33,000. Intercontinental Wealth Advisors LLC purchased a new stake in Adobe during the fourth quarter valued at about $41,000. Northern Oak Wealth Management Inc. purchased a new stake in shares of Adobe during the fourth quarter worth about $45,000. Contravisory Investment Management Inc. boosted its holdings in shares of Adobe by 159.5% during the fourth quarter. Contravisory Investment Management Inc. now owns 205 shares of the software company’s stock worth $46,000 after purchasing an additional 126 shares during the period. Finally, Athena Capital Advisors LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $76,000. Institutional investors own 85.47% of the company’s stock.

In related news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $260.54, for a total value of $781,620.00. Following the completion of the transaction, the chief marketing officer now directly owns 69,368 shares of the company’s stock, valued at $18,073,138.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John E. Warnock sold 2,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $260.47, for a total transaction of $520,940.00. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at $4,190,441.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 290,607 shares of company stock valued at $71,220,683. 0.32% of the stock is owned by insiders.

A number of research firms have recently weighed in on ADBE. Barclays reiterated a “buy” rating and set a $304.00 target price on shares of Adobe in a report on Monday. Canaccord Genuity increased their target price on shares of Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Robert W. Baird increased their target price on shares of Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 15th. DZ Bank reiterated a “hold” rating on shares of Adobe in a report on Friday, February 22nd. Finally, BidaskClub lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, February 20th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $285.56.

ADBE stock opened at $264.18 on Friday. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $277.61. The stock has a market capitalization of $127.04 billion, a P/E ratio of 47.60, a P/E/G ratio of 2.54 and a beta of 1.10. The company has a quick ratio of 1.13, a current ratio of 0.97 and a debt-to-equity ratio of 0.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the company earned $1.55 earnings per share. Adobe’s quarterly revenue was up 24.1% on a year-over-year basis. On average, equities analysts anticipate that Adobe Inc will post 6.24 earnings per share for the current fiscal year.

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Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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