Continuum Advisory LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Continuum Advisory LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,614 shares of the software company’s stock after acquiring an additional 66 shares during the period. Continuum Advisory LLC’s holdings in Adobe were worth $1,607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System lifted its holdings in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after purchasing an additional 570 shares during the period. Burling Wealth Partners LLC acquired a new position in Adobe during the fourth quarter valued at $1,173,000. Silicon Valley Capital Partners boosted its holdings in shares of Adobe by 4.1% during the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock worth $2,656,000 after purchasing an additional 236 shares during the period. Foundations Investment Advisors LLC increased its stake in shares of Adobe by 30.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company’s stock worth $16,012,000 after acquiring an additional 8,508 shares during the last quarter. Finally, Horan Capital Advisors LLC. raised its position in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after acquiring an additional 114 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ADBE shares. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Robert W. Baird reduced their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Morgan Stanley lowered their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Eleven research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $417.61 on Wednesday. The company has a market capitalization of $177.99 billion, a P/E ratio of 33.68, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a 50 day moving average of $376.12 and a 200 day moving average of $433.08.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during 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 quarter in the previous year, the firm earned $4.48 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.