Lorne Steinberg Wealth Management Inc. Has $5.41 Million Position in Adobe Inc. (NASDAQ:ADBE)

Lorne Steinberg Wealth Management Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 2.2% during the fourth quarter, HoldingsChannel reports. The fund owned 9,068 shares of the software company’s stock after purchasing an additional 193 shares during the quarter. Adobe comprises approximately 1.8% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 27th biggest position. Lorne Steinberg Wealth Management Inc.’s holdings in Adobe were worth $5,410,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ADBE. Morgan Stanley boosted its holdings in Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Northern Trust Corp increased its position in Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares during the period. Jennison Associates LLC boosted its holdings in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the period. Invesco Ltd. raised its holdings in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Finally, Concentrum Wealth Management lifted its position in shares of Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on ADBE shares. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Wells Fargo & Company lowered their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Barclays cut their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, UBS Group decreased their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 984 shares of company stock valued at $577,171 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.5 %

Shares of ADBE stock traded up $2.19 during mid-day trading on Wednesday, reaching $475.09. 824,235 shares of the stock traded hands, compared to its average volume of 3,507,142. The stock’s fifty day simple moving average is $521.61 and its two-hundred day simple moving average is $565.95. The company has a market cap of $212.84 billion, a price-to-earnings ratio of 45.37, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.97 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Adobe 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.