Everhart Financial Group Inc. Has $1.06 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Everhart Financial Group Inc. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,770 shares of the software company’s stock after acquiring an additional 31 shares during the period. Everhart Financial Group Inc.’s holdings in Adobe were worth $1,062,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Arizona State Retirement System lifted its position in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC acquired a new position in shares of Adobe during the fourth quarter worth about $1,173,000. Horan Capital Advisors LLC. grew its holdings in shares of Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock worth $2,162,000 after buying an additional 114 shares in the last quarter. Proficio Capital Partners LLC raised its position in Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock valued at $1,043,000 after buying an additional 1,083 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA bought a new stake in Adobe in the 4th quarter valued at approximately $38,000. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Up 0.2%

ADBE opened at $413.68 on Friday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a fifty day moving average of $385.73 and a 200-day moving average of $422.64. The company has a market capitalization of $176.31 billion, a P/E ratio of 33.36, 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 quick ratio of 1.07 and a current ratio of 1.07.

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Stifel Nicolaus decreased their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Jefferies Financial Group reduced their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Oppenheimer lowered their target price 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 investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $503.33.

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.