Patriot Financial Group Insurance Agency LLC Has $1.12 Million Position in Adobe Inc. (NASDAQ:ADBE)

Patriot Financial Group Insurance Agency LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 9.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 2,924 shares of the software company’s stock after buying an additional 249 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Adobe were worth $1,121,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Copia Wealth Management acquired a new stake in Adobe during the 4th quarter worth approximately $28,000. SWAN Capital LLC acquired a new position in shares of Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $31,000. Bernard Wealth Management Corp. bought a new position in shares of Adobe in the 4th quarter worth about $36,000. Finally, Mascoma Wealth Management LLC grew its stake in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after acquiring an additional 50 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.4%

Shares of NASDAQ ADBE opened at $416.92 on Monday. 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 $177.69 billion, a PE ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The business’s fifty day moving average price is $381.41 and its 200-day moving average price is $424.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The business 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 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. UBS Group dropped their target price on Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Morgan Stanley cut their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $502.88.

Insider Activity at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is currently owned by corporate insiders.

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.