Sky Investment Group LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Sky Investment Group LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.1% in the first quarter, Holdings Channel reports. The institutional investor owned 5,142 shares of the software company’s stock after acquiring an additional 56 shares during the quarter. Sky Investment Group LLC’s holdings in Adobe were worth $1,972,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Siemens Fonds Invest GmbH increased its position in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares in the last quarter. SWAN Capital LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the fourth quarter worth approximately $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the fourth quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe in the 4th quarter valued at $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 0.2%

NASDAQ ADBE opened at $413.68 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $176.31 billion, a P/E ratio of 33.36, a PEG ratio of 2.15 and a beta of 1.55. The firm’s 50-day moving average is $385.73 and its two-hundred day moving average is $422.64. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced 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 analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm posted $4.48 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADBE. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Citigroup upped their target price on shares of Adobe from $430.00 to $465.00 and gave the stock a “neutral” rating in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $503.33.

Insiders Place Their Bets

In related news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on 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 completion of the purchase, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by insiders.

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.