Centurion Wealth Management LLC Has $492,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Centurion Wealth Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 12.7% in the 4th quarter, HoldingsChannel reports. The firm owned 1,106 shares of the software company’s stock after buying an additional 125 shares during the period. Centurion Wealth Management LLC’s holdings in Adobe were worth $492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC bought a new position in Adobe during the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Briaud Financial Planning Inc bought a new position in Adobe during the 3rd quarter worth $36,000. Finally, Decker Retirement Planning Inc. bought a new position in Adobe during the 4th quarter worth $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ADBE. Morgan Stanley lowered their price objective on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. JPMorgan Chase & Co. lowered their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $540.60.

Adobe Price Performance

Adobe stock opened at $394.74 on Friday. The stock’s 50 day moving average is $437.03 and its 200 day moving average is $482.06. 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 firm has a market cap of $171.87 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the firm earned $4.48 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other Adobe news, Director David A. Ricks bought 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last ninety days. 0.16% of the stock is owned by company insiders.

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.