Pines Wealth Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Pines Wealth Management LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 16.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,197 shares of the software company’s stock after buying an additional 305 shares during the quarter. Pines Wealth Management LLC’s holdings in Adobe were worth $843,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH raised its stake in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC bought a new stake in shares of Adobe during the 4th quarter valued at $28,000. Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter valued at $28,000. Summit Securities Group LLC purchased a new position in shares of Adobe during the 4th quarter valued at $31,000. Finally, Caitlin John LLC boosted its holdings in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. Citigroup decreased their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. BMO Capital Markets dropped their price target on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research report on Wednesday, March 19th. Finally, Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $416.92 on Friday. The business’s 50 day moving average price is $381.41 and its 200-day moving average price is $425.24. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a market cap of $177.69 billion, a P/E ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

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.