Simplicity Wealth LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Simplicity Wealth LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 135.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,611 shares of the software company’s stock after buying an additional 1,502 shares during the quarter. Simplicity Wealth LLC’s holdings in Adobe were worth $1,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. GAMMA Investing LLC boosted its stake in shares of Adobe by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 7,798 shares of the software company’s stock worth $2,991,000 after acquiring an additional 1,422 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its stake in Adobe by 14.1% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,359 shares of the software company’s stock valued at $2,439,000 after buying an additional 788 shares in the last quarter. Signet Financial Management LLC lifted its stake in Adobe by 2.9% in the 1st quarter. Signet Financial Management LLC now owns 6,151 shares of the software company’s stock valued at $2,359,000 after buying an additional 172 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Adobe by 53.3% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,943 shares of the software company’s stock valued at $3,430,000 after buying an additional 3,108 shares in the last quarter. Finally, Regatta Capital Group LLC lifted its stake in Adobe by 7.6% in the 1st quarter. Regatta Capital Group LLC now owns 760 shares of the software company’s stock valued at $291,000 after buying an additional 54 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.16% of the company’s stock.

Adobe Price Performance

ADBE opened at $412.84 on Thursday. The company has a 50-day moving average of $384.27 and a 200-day moving average of $423.37. The company has a market capitalization of $175.95 billion, a P/E ratio of 33.29, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. 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 released its earnings results 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. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 EPS. Equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ADBE. Wells Fargo & Company decreased their price target on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. BMO Capital Markets decreased their target price on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Finally, Morgan Stanley decreased their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $503.33.

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.