National Wealth Management Group LLC Invests $503,000 in Adobe Inc. (NASDAQ:ADBE)

National Wealth Management Group LLC has recently acquired a new stake in Adobe Inc. (NASDAQ: ADBE) during the fourth quarter, as reported in their latest filing with the Securities and Exchange Commission (SEC). The firm purchased 1,131 shares of Adobe's stock, which has an estimated value of around $503,000.

Other institutional investors and hedge funds have also made moves in Adobe's stock. Norges Bank has established a new position in the company during the fourth quarter, valued at a significant $2,553,035,000. Similarly, Proficio Capital Partners LLC has expanded its investments in Adobe by a staggering 82,528.8% during the same period, totaling ownership of 1,042,775 shares valued at $463,701,000, after acquiring an additional 1,041,513 shares. Arrowstreet Capital Limited Partnership increased its stake by 82.4%, now holding 2,107,788 shares worth $937,291,000 following the purchase of 952,233 shares. Raymond James Financial Inc. has also entered a new stake valued at approximately $243,827,000, while Assenagon Asset Management S.A. increased its holdings in Adobe by 42.3%, bringing their total to 1,168,584 shares worth $519,646,000 after buying an extra 347,536 shares last quarter. Collectively, institutional investors own about 81.79% of Adobe's stock.

Recent Analyst Evaluations

Numerous analysts have assessed Adobe's shares recently. DA Davidson adjusted their price target from $685.00 to $625.00 while maintaining a "buy" rating in a research note dated December 12. Bank of America also lowered their price target from $605.00 to $528.00, reiterating a "buy" recommendation on March 13. Jefferies Financial Group revised their target down from $650.00 to $590.00, also rating it as a buy. Meanwhile, Robert W. Baird lowered the target from $490.00 to $410.00, reflecting a neutral rating. Lastly, Morgan Stanley has reduced their target price from $660.00 to $600.00, maintaining an "overweight" stance on the stock. Presently, 11 equities research analysts have rated Adobe with a hold status, 17 have declared a buy, and one granted a strong buy, culminating in an average rating suggesting a "Moderate Buy" along with an average target price of $531.54.

Adobe Stock Performance

On the trading day this Tuesday, shares of Adobe opened at $383.53. The company boasts a market capitalization of $163.46 billion, with a price-to-earnings (PE) ratio of 30.93 and a price-to-earnings-growth (PEG) ratio of 2.15. Its 50-day moving average stands at $430.88 while the 200-day moving average is positioned at $467.49. Adobe has a current ratio of 1.07, a quick ratio of 1.07, and a debt-to-equity ratio of 0.29. Over the past year, the stock has witnessed a low of $374.50 and a high of $587.75.

Latest Earnings Report

Adobe last revealed its earnings on March 12, reporting earnings of $5.08 per share, surpassing analysts' expectations of $4.97 by $0.11. The total revenue recorded was $5.71 billion, exceeding the anticipated $5.66 billion. With a net margin of 25.85% and return on equity of 45.87%, the company showcases strong financial performance, having reported $4.48 earnings per share for the same quarter last year. Looking ahead, analysts project Adobe Inc. to report an EPS of 16.65 for the current year.

Insider Trading Activity

In recent insider trading news, EVP Scott Belsky sold 922 shares of Adobe on January 24 at an average price of $437.28, totaling around $403,172.16. Post-sale, he retains 22,153 shares valued at $9,687,063.84, marking a 4.00% decrease in his holdings. Additionally, Director David A. Ricks acquired 2,250 shares on January 28, paying an average of $443.98, leading to a total transaction of approximately $998,955. Post-purchase, he holds 4,984 shares valued at $2,212,796.32, indicating an 82.30% rise in his ownership of the stock. Recent months have seen insiders sell 5,075 shares worth around $2,191,826, with corporate insiders holding 0.16% of the company's stock.

About Adobe Inc.

Adobe Inc., along with its subsidiaries, operates as a diversified software company worldwide. It operates through three main segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment provides products, services, and solutions that allow individuals, teams, and enterprises to create, publish, and promote content, along with Document Cloud, a comprehensive cloud-based document services platform.

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