Wedge Capital Management L L P NC Buys 36 Shares of Adobe Inc. (NASDAQ:ADBE)

Wedge Capital Management L L P NC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% during the 1st quarter, Holdings Channel reports. The firm owned 859 shares of the software company’s stock after buying an additional 36 shares during the period. Wedge Capital Management L L P NC’s holdings in Adobe were worth $329,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC lifted its position in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Adobe during the 4th quarter valued at $76,712,000. Stonebridge Financial Group LLC acquired a new stake in Adobe during the 4th quarter valued at $73,000. Sovran Advisors LLC bought a new position in Adobe during the fourth quarter worth $692,000. Finally, Quent Capital LLC increased its holdings in shares of Adobe by 5.0% in the fourth quarter. Quent Capital LLC now owns 2,081 shares of the software company’s stock valued at $925,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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 acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Performance

ADBE opened at $412.84 on Thursday. 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 Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $175.95 billion, a P/E ratio of 33.29, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business’s fifty day moving average is $384.27 and its 200-day moving average is $423.37.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Citigroup upped their target price on Adobe from $430.00 to $465.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Mizuho lowered their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $503.33.

About Adobe

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.