Meadow Creek Wealth Advisors LLC Has $567,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Meadow Creek Wealth Advisors LLC lifted its stake in Adobe Inc. (NASDAQ:ADBEGet Rating) by 30.4% during the first quarter, Holdings Channel.com reports. The fund owned 1,245 shares of the software company’s stock after buying an additional 290 shares during the period. Meadow Creek Wealth Advisors LLC’s holdings in Adobe were worth $567,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ADBE. Investment Research & Advisory Group Inc. increased its position in shares of Adobe by 2,350.0% in the fourth quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock valued at $28,000 after acquiring an additional 47 shares during the last quarter. Clear Investment Research LLC increased its position in Adobe by 120.0% during the fourth quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock worth $31,000 after buying an additional 30 shares during the last quarter. Blue Bell Private Wealth Management LLC acquired a new position in Adobe during the fourth quarter worth approximately $33,000. Benjamin Edwards Inc. acquired a new position in Adobe during the fourth quarter worth approximately $35,000. Finally, Delos Wealth Advisors LLC increased its position in Adobe by 169.6% during the fourth quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock worth $35,000 after buying an additional 39 shares during the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have weighed in on ADBE. JPMorgan Chase & Co. lowered their price target on Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Jefferies Financial Group lowered their price target on Adobe from $550.00 to $500.00 in a research report on Friday, June 17th. Wells Fargo & Company lowered their price target on Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a research report on Friday, June 17th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Tuesday, May 17th. Finally, BMO Capital Markets began coverage on Adobe in a research report on Friday, June 17th. They issued a “buy” rating and a $420.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $489.31.

In other news, Director John E. Warnock sold 615 shares of the company’s stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $432.03, for a total transaction of $265,698.45. Following the completion of the transaction, the director now directly owns 410,165 shares in the company, valued at $177,203,584.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the transaction, the director now owns 405,165 shares of the company’s stock, valued at $163,808,209.50. The disclosure for this sale can be found here. Insiders have sold 11,075 shares of company stock valued at $4,596,246 over the last 90 days. Corporate insiders own 0.23% of the company’s stock.

NASDAQ ADBE opened at $365.33 on Thursday. The business has a fifty day moving average price of $403.52 and a two-hundred day moving average price of $467.67. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.04. Adobe Inc. has a fifty-two week low of $338.00 and a fifty-two week high of $699.54. The stock has a market capitalization of $172.62 billion, a PE ratio of 35.68, a PEG ratio of 1.98 and a beta of 1.08.

Adobe (NASDAQ:ADBEGet Rating) last released its earnings results on Thursday, June 16th. The software company reported $3.35 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same quarter in the previous year, the firm earned $2.56 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 10.98 earnings per share for the current year.

Adobe Profile (Get Rating)

Adobe Inc 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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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