Redwood Financial Network Corp Has $243,000 Position in Adobe Inc. (NASDAQ:ADBE)

Redwood Financial Network Corp grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 548 shares of the software company’s stock after buying an additional 38 shares during the quarter. Redwood Financial Network Corp’s holdings in Adobe were worth $243,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ADBE. Miracle Mile Advisors LLC increased its holdings in shares of Adobe by 32.5% in the fourth quarter. Miracle Mile Advisors LLC now owns 2,089 shares of the software company’s stock valued at $929,000 after purchasing an additional 512 shares in the last quarter. FNY Investment Advisers LLC boosted its position in Adobe by 20,900.0% in the 4th quarter. FNY Investment Advisers LLC now owns 420 shares of the software company’s stock valued at $186,000 after buying an additional 418 shares during the last quarter. 180 Wealth Advisors LLC increased its stake in shares of Adobe by 9.1% in the 4th quarter. 180 Wealth Advisors LLC now owns 1,790 shares of the software company’s stock valued at $796,000 after buying an additional 149 shares during the period. Accurate Wealth Management LLC raised its position in shares of Adobe by 168.6% during the fourth quarter. Accurate Wealth Management LLC now owns 1,982 shares of the software company’s stock worth $805,000 after acquiring an additional 1,244 shares during the last quarter. Finally, Pines Wealth Management LLC bought a new stake in shares of Adobe during the fourth quarter worth $768,000. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Morgan Stanley lowered their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. UBS Group lowered their price target on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Robert W. Baird cut their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Royal Bank of Canada reduced their price objective 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. Finally, Bank of America dropped their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Eleven 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity

In other 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 acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents 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. Corporate insiders own 0.16% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $399.47 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $170.25 billion, a price-to-earnings ratio of 32.22, a PEG ratio of 2.15 and a beta of 1.55. The business has a 50 day simple moving average of $376.62 and a 200 day simple moving average of $435.30. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

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. The company had revenue of $5.71 billion during 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 quarter in the prior year, the firm earned $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.