Proficio Capital Partners LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Proficio Capital Partners LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 85.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,345 shares of the software company’s stock after purchasing an additional 1,083 shares during the quarter. Proficio Capital Partners LLC’s holdings in Adobe were worth $1,043,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ADBE. Assetmark Inc. lifted its holdings in shares of Adobe by 66.3% in the fourth quarter. Assetmark Inc. now owns 33,787 shares of the software company’s stock valued at $15,024,000 after purchasing an additional 13,464 shares in the last quarter. Triad Wealth Partners LLC acquired a new position in shares of Adobe in the fourth quarter valued at approximately $307,000. Victory Capital Management Inc. raised its stake in Adobe by 12.4% during the fourth quarter. Victory Capital Management Inc. now owns 522,917 shares of the software company’s stock worth $232,531,000 after purchasing an additional 57,634 shares during the period. Horan Capital Advisors LLC. raised its stake in shares of Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after acquiring an additional 114 shares during the period. Finally, Ring Mountain Capital LLC purchased a new position in shares of Adobe in the 4th quarter valued at $225,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired 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 approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.16% of the stock is currently owned by company insiders.

Adobe Price Performance

NASDAQ ADBE opened at $387.26 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a 50 day moving average price of $434.16 and a two-hundred day moving average price of $476.46. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results 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 firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations 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 company earned $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. BMO Capital Markets cut their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 price target on shares of Adobe in a report on Wednesday. Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Finally, Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $538.80.

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.