Bar Harbor Wealth Management Acquires 415 Shares of Adobe Inc. (NASDAQ:ADBE)

Bar Harbor Wealth Management grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,470 shares of the software company’s stock after acquiring an additional 415 shares during the period. Bar Harbor Wealth Management’s holdings in Adobe were worth $4,656,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ADBE. Nordea Investment Management AB boosted its stake in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the last quarter. GAMMA Investing LLC increased its position in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc boosted its holdings in Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.5 %

ADBE traded up $1.92 during trading on Monday, reaching $407.84. 3,152,770 shares of the stock were exchanged, compared to its average volume of 4,043,063. The stock has a market cap of $179.53 billion, a P/E ratio of 32.89, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50 day moving average price is $484.01 and its two-hundred day moving average price is $517.00. Adobe Inc. has a twelve month low of $403.75 and a twelve month 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, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.73 EPS for the current year.

Analyst Ratings Changes

A number of analysts have commented on ADBE shares. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Stifel Nicolaus lowered their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, UBS Group dropped their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by insiders.

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.