Evanson Asset Management LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Evanson Asset Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 317.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,472 shares of the software company’s stock after acquiring an additional 3,400 shares during the period. Evanson Asset Management LLC’s holdings in Adobe were worth $1,988,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Grove Bank & Trust boosted its holdings in Adobe by 3.5% in the 4th quarter. Grove Bank & Trust now owns 7,526 shares of the software company’s stock worth $3,347,000 after acquiring an additional 256 shares during the period. Brady Martz Wealth Solutions LLC acquired a new stake in shares of Adobe during the fourth quarter valued at about $371,000. Steigerwald Gordon & Koch Inc. lifted its stake in shares of Adobe by 1.7% in the fourth quarter. Steigerwald Gordon & Koch Inc. now owns 40,880 shares of the software company’s stock worth $18,179,000 after acquiring an additional 690 shares in the last quarter. Romano Brothers AND Company lifted its stake in shares of Adobe by 6.6% in the fourth quarter. Romano Brothers AND Company now owns 1,477 shares of the software company’s stock worth $657,000 after acquiring an additional 92 shares in the last quarter. Finally, HF Advisory Group LLC boosted its holdings in Adobe by 10.8% in the fourth quarter. HF Advisory Group LLC now owns 3,098 shares of the software company’s stock valued at $1,378,000 after purchasing an additional 302 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 over the last three months. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $429.99 on Monday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The firm has a market capitalization of $189.28 billion, a PE ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31. The company’s 50 day simple moving average is $476.55 and its 200 day simple moving average is $512.44. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the firm earned $3.52 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein dropped their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. Finally, TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.