W.H. Cornerstone Investments Inc. Acquires 33 Shares of Adobe Inc. (NASDAQ:ADBE)

W.H. Cornerstone Investments Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,070 shares of the software company’s stock after purchasing an additional 33 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Adobe were worth $476,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC grew its position in shares of Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares during the period. Connable Office Inc. boosted its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank grew its holdings in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. James J. Burns & Company LLC increased its stake in Adobe by 5.6% in the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after purchasing an additional 22 shares in the last quarter. Finally, Holistic Financial Partners raised its holdings in shares of Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ADBE. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Mizuho decreased their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Barclays decreased their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Citigroup dropped their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Down 0.8 %

Shares of ADBE stock opened at $459.22 on Friday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $610.33. 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 company has a 50 day moving average of $449.99 and a 200-day moving average of $497.68. The firm has a market cap of $199.90 billion, a P/E ratio of 37.03, a PEG ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its 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. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share 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.