Lorne Steinberg Wealth Management Inc. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Lorne Steinberg Wealth Management Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,068 shares of the software company’s stock after acquiring an additional 193 shares during the period. Adobe comprises approximately 1.8% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 27th biggest position. Lorne Steinberg Wealth Management Inc.’s holdings in Adobe were worth $5,410,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ADBE. Legacy Capital Wealth Partners LLC acquired a new stake in shares of Adobe in the third quarter valued at about $268,000. Rothschild Investment LLC IL boosted its stake in shares of Adobe by 31.1% in the third quarter. Rothschild Investment LLC IL now owns 763 shares of the software company’s stock worth $389,000 after acquiring an additional 181 shares during the last quarter. Essex LLC increased its position in shares of Adobe by 74.2% during the third quarter. Essex LLC now owns 1,371 shares of the software company’s stock worth $699,000 after purchasing an additional 584 shares in the last quarter. Capital Investment Advisors LLC raised its stake in Adobe by 13.3% in the 3rd quarter. Capital Investment Advisors LLC now owns 1,980 shares of the software company’s stock valued at $1,009,000 after purchasing an additional 233 shares during the last quarter. Finally, TTP Investments Inc. lifted its holdings in Adobe by 13.5% in the 3rd quarter. TTP Investments Inc. now owns 1,812 shares of the software company’s stock valued at $924,000 after purchasing an additional 216 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. Barclays reduced their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. lowered their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 984 shares of company stock valued at $577,171 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE traded up $2.19 during mid-day trading on Wednesday, hitting $475.09. 824,235 shares of the company’s stock traded hands, compared to its average volume of 3,507,142. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a market cap of $212.84 billion, a PE ratio of 45.37, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s 50 day simple moving average is $521.61 and its 200 day simple moving average is $565.95.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm earned $2.97 EPS. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.