Crestwood Advisors Group LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)


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Crestwood Advisors Group LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 87,791 shares of the software company’s stock after buying an additional 5,241 shares during the quarter. Adobe comprises about 1.4% of Crestwood Advisors Group LLC’s holdings, making the stock its 16th biggest holding. Crestwood Advisors Group LLC’s holdings in Adobe were worth $43,906,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of ADBE. SB Management Ltd acquired a new position in shares of Adobe in the 3rd quarter valued at $684,774,000. Morgan Stanley grew its position in Adobe by 20.3% during the 3rd quarter. Morgan Stanley now owns 6,204,962 shares of the software company’s stock worth $3,043,100,000 after purchasing an additional 1,045,762 shares during the last quarter. BlackRock Inc. increased its stake in Adobe by 2.0% in the fourth quarter. BlackRock Inc. now owns 37,765,781 shares of the software company’s stock valued at $18,887,420,000 after purchasing an additional 753,183 shares during the period. AustralianSuper Pty Ltd raised its holdings in shares of Adobe by 2,160.3% in the third quarter. AustralianSuper Pty Ltd now owns 511,214 shares of the software company’s stock valued at $250,715,000 after buying an additional 488,597 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Adobe by 70.7% during the third quarter. CIBC Private Wealth Group LLC now owns 996,456 shares of the software company’s stock worth $488,584,000 after buying an additional 412,566 shares during the period. Institutional investors and hedge funds own 82.43% of the company’s stock.

Adobe stock traded down $8.84 during mid-day trading on Tuesday, hitting $458.49. 144,668 shares of the company were exchanged, compared to its average volume of 2,585,729. Adobe Inc. has a 12-month low of $255.13 and a 12-month high of $536.88. The company has a market capitalization of $219.95 billion, a P/E ratio of 42.44, a PEG ratio of 2.55 and a beta of 0.97. The business’s 50 day simple moving average is $478.42 and its two-hundred day simple moving average is $481.07. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.48 and a quick ratio of 1.44.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 9th. The software company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.66 by $0.15. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the company earned $2.29 earnings per share. The business’s revenue for the quarter was up 14.4% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 9.47 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a stock buyback program on Thursday, December 10th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the software company to repurchase up to 6.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

In other news, EVP Abhay Parasnis sold 4,000 shares of Adobe stock in a transaction on Wednesday, February 10th. The stock was sold at an average price of $499.17, for a total value of $1,996,680.00. Following the completion of the sale, the executive vice president now owns 43,746 shares of the company’s stock, valued at $21,836,690.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 80,907 shares of the company’s stock in a transaction on Monday, January 25th. The shares were sold at an average price of $471.85, for a total value of $38,175,967.95. The disclosure for this sale can be found here. Insiders have sold a total of 114,063 shares of company stock worth $53,715,598 over the last ninety days. 0.31% of the stock is owned by corporate insiders.

ADBE has been the subject of several analyst reports. Royal Bank of Canada upped their price objective on Adobe from $570.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, December 11th. Oppenheimer began coverage on Adobe in a research note on Friday, December 11th. They set a “buy” rating and a $550.00 price target for the company. Barclays reiterated a “buy” rating and issued a $605.00 price objective on shares of Adobe in a research report on Sunday, December 13th. BMO Capital Markets boosted their price objective on shares of Adobe from $560.00 to $570.00 and gave the company an “outperform” rating in a research note on Friday, December 11th. Finally, Credit Suisse Group raised their target price on shares of Adobe from $560.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, December 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $527.42.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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