CCM Investment Advisers LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

CCM Investment Advisers LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,405 shares of the software company’s stock after purchasing an additional 2,359 shares during the quarter. CCM Investment Advisers LLC’s holdings in Adobe were worth $13,521,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC grew its stake in Adobe by 38.9% during the fourth quarter. Ridgewood Investments LLC now owns 3,178 shares of the software company’s stock valued at $1,413,000 after acquiring an additional 890 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares in the last quarter. ORG Partners LLC raised its position in shares of Adobe by 64.4% in the fourth quarter. ORG Partners LLC now owns 513 shares of the software company’s stock worth $228,000 after buying an additional 201 shares in the last quarter. Fortitude Family Office LLC increased its stake in Adobe by 15.6% in the 4th quarter. Fortitude Family Office LLC now owns 200 shares of the software company’s stock worth $89,000 after acquiring an additional 27 shares during the last quarter. Finally, Fulton Bank N.A. raised its holdings in shares of Adobe by 3.2% in the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock valued at $7,195,000 after acquiring an additional 499 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday. Sanford C. Bernstein decreased their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $575.85.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock worth $1,679,809 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $13.69 during mid-day trading on Friday, reaching $405.89. The stock had a trading volume of 2,467,903 shares, compared to its average volume of 3,690,577. The company has a market cap of $178.67 billion, a P/E ratio of 32.73, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The business’s 50 day moving average price is $485.54 and its 200 day moving average price is $517.97. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1 year low of $405.42 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the firm posted $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 16.73 EPS for the current fiscal year.

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.