CCM Investment Advisers LLC Buys 2,359 Shares of Adobe Inc. (NASDAQ:ADBE)

CCM Investment Advisers LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,405 shares of the software company’s stock after purchasing an additional 2,359 shares during the period. CCM Investment Advisers LLC’s holdings in Adobe were worth $13,521,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Adobe during the 3rd quarter valued at approximately $26,000. Groupama Asset Managment boosted its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter worth $30,000. Finally, True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Barclays cut their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have assigned 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $575.85.

Adobe Stock Down 3.3 %

ADBE stock traded down $13.69 during trading on Friday, hitting $405.89. 2,467,903 shares of the company’s stock were exchanged, compared to its average volume of 3,690,577. The business has a 50-day moving average price of $485.54 and a two-hundred day moving average price of $517.97. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $178.67 billion, a price-to-earnings ratio of 32.73, a PEG ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 52-week low of $405.42 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 16.73 EPS for the current 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.