Avaii Wealth Management LLC Invests $391,000 in Adobe Inc. (NASDAQ:ADBE)

Avaii Wealth Management LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 690 shares of the software company’s stock, valued at approximately $391,000.

Several other hedge funds have also recently bought and sold shares of ADBE. Renaissance Technologies LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $593,241,000. C WorldWide Group Holding A S acquired a new position in shares of Adobe during the 4th quarter worth about $445,585,000. UBS Asset Management Americas Inc. raised its position in shares of Adobe by 13.3% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 3,998,896 shares of the software company’s stock worth $2,302,244,000 after purchasing an additional 467,894 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Adobe by 54.6% during the 4th quarter. ProShare Advisors LLC now owns 919,409 shares of the software company’s stock worth $521,362,000 after purchasing an additional 324,649 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Adobe by 34.3% during the 4th quarter. Schroder Investment Management Group now owns 1,196,981 shares of the software company’s stock worth $678,760,000 after purchasing an additional 305,752 shares during the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.

In other news, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $435.44, for a total value of $1,197,460.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John E. Warnock sold 615 shares of the business’s stock in a transaction dated Thursday, April 14th. The stock was sold at an average price of $432.03, for a total transaction of $265,698.45. Following the sale, the director now directly owns 410,165 shares in the company, valued at approximately $177,203,584.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,538 shares of company stock worth $4,793,387. 0.23% of the stock is currently owned by company insiders.

A number of research firms have commented on ADBE. Royal Bank of Canada cut their price objective on shares of Adobe from $650.00 to $600.00 and set an “outperform” rating for the company in a report on Monday, March 21st. JPMorgan Chase & Co. cut their price objective on shares of Adobe from $645.00 to $540.00 in a report on Wednesday, March 23rd. TheStreet downgraded shares of Adobe from a “b” rating to a “c+” rating in a report on Thursday, February 17th. Argus cut their price objective on shares of Adobe from $764.00 to $575.00 and set a “buy” rating for the company in a report on Monday, March 28th. Finally, Jefferies Financial Group cut their price objective on shares of Adobe from $570.00 to $550.00 in a report on Monday. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $583.79.

Shares of Adobe stock traded up $15.61 during trading on Friday, hitting $424.21. 77,029 shares of the stock were exchanged, compared to its average volume of 3,654,436. The stock has a market cap of $200.44 billion, a price-to-earnings ratio of 40.58, a price-to-earnings-growth ratio of 2.04 and a beta of 1.09. The firm’s 50-day moving average price is $421.61 and its 200 day moving average price is $502.45. Adobe Inc. has a 12-month low of $370.27 and a 12-month high of $699.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings results on Tuesday, March 22nd. The software company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.77 by $0.07. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the business earned $2.64 EPS. Adobe’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 11.09 earnings per share for the current year.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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