Investment Partners Asset Management Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Investment Partners Asset Management Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 48.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,061 shares of the software company’s stock after purchasing an additional 346 shares during the period. Investment Partners Asset Management Inc.’s holdings in Adobe were worth $407,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sepio Capital LP boosted its holdings in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank lifted its position in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC boosted its stake in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC grew its holdings in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC grew its holdings in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company reduced their target price on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Bank of America cut their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Evercore ISI lowered their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Oppenheimer reduced their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Nine 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. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $503.33.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $416.06 on Wednesday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market capitalization of $177.32 billion, a P/E ratio of 33.55, a P/E/G ratio of 2.15 and a beta of 1.55. 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 company’s fifty day moving average price is $382.99 and its 200 day moving average price is $423.44.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe 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.