Assetmark Inc. Purchases 13,464 Shares of Adobe Inc. (NASDAQ:ADBE)

Assetmark Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 66.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 33,787 shares of the software company’s stock after acquiring an additional 13,464 shares during the quarter. Assetmark Inc.’s holdings in Adobe were worth $15,024,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Swedbank AB lifted its holdings in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its holdings in shares of Adobe by 11.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 2,000 shares of the software company’s stock valued at $1,036,000 after purchasing an additional 198 shares during the last quarter. Beacon Financial Advisory LLC lifted its holdings in shares of Adobe by 4.8% during the third quarter. Beacon Financial Advisory LLC now owns 498 shares of the software company’s stock valued at $258,000 after purchasing an additional 23 shares during the last quarter. Radnor Capital Management LLC purchased a new position in shares of Adobe during the third quarter valued at approximately $220,000. Finally, Concurrent Investment Advisors LLC lifted its holdings in shares of Adobe by 10.0% during the third quarter. Concurrent Investment Advisors LLC now owns 4,153 shares of the software company’s stock valued at $2,150,000 after purchasing an additional 378 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ADBE shares. Bank of America lowered their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. UBS Group decreased their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Sanford C. Bernstein decreased their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Trading Down 1.4 %

Shares of ADBE stock opened at $444.78 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The firm has a fifty day moving average price of $439.51 and a 200-day moving average price of $488.46. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $193.61 billion, a price-to-earnings ratio of 35.87, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) 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 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the company’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 completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Company insiders own 0.15% of the company’s stock.

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.