Northeast Financial Consultants Inc Acquires 150 Shares of Adobe Inc. (NASDAQ:ADBE)

Northeast Financial Consultants Inc boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 7.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,061 shares of the software company’s stock after purchasing an additional 150 shares during the quarter. Northeast Financial Consultants Inc’s holdings in Adobe were worth $916,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Adobe during the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC raised its holdings in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Adobe by 225.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company’s stock valued at $478,453,000 after buying an additional 745,827 shares during the period. Finally, FIL Ltd grew its holdings in shares of Adobe by 130.9% in the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock valued at $573,014,000 after buying an additional 730,520 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.4%

Shares of NASDAQ ADBE opened at $397.40 on Wednesday. The company’s 50 day moving average price is $377.62 and its 200-day moving average price is $435.54. 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 52-week low of $332.01 and a 52-week high of $587.75. The company has a market capitalization of $169.37 billion, a P/E ratio of 32.05, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping 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 last year, the business posted $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADBE. Stifel Nicolaus cut their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Oppenheimer dropped their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, DA Davidson reduced their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Eleven 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $502.88.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought 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 of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

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.