Alpha Wealth Funds LLC Takes $959,000 Position in Adobe Inc. (NASDAQ:ADBE)

Alpha Wealth Funds LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,500 shares of the software company’s stock, valued at approximately $959,000. Adobe comprises 1.0% of Alpha Wealth Funds LLC’s portfolio, making the stock its 14th biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Copia Wealth Management acquired a new position in Adobe in the 4th quarter valued at about $28,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter valued at approximately $28,000. Summit Securities Group LLC acquired a new position in Adobe in the fourth quarter valued at approximately $31,000. Caitlin John LLC lifted its holdings in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares during the last quarter. Finally, Bernard Wealth Management Corp. purchased a new position in Adobe in the fourth quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Adobe Trading Up 2.3%

ADBE opened at $412.49 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a market cap of $175.80 billion, a P/E ratio of 33.27, a PEG ratio of 2.15 and a beta of 1.55. The business’s 50-day simple moving average is $379.54 and its 200-day simple moving average is $426.47.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Mizuho decreased their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Stifel Nicolaus decreased their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Oppenheimer dropped their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reduced their price target on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $502.88.

Adobe Company Profile

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.