Focus Partners Wealth Has $35.83 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Focus Partners Wealth raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 106.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,731 shares of the software company's stock after buying an additional 40,548 shares during the period. Focus Partners Wealth's holdings in Adobe were worth $35,831,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Fosun International Ltd raised its holdings in Adobe by 49.7% during the fourth quarter. Fosun International Ltd now owns 4,579 shares of the software company's stock valued at $2,036,000 after buying an additional 1,521 shares in the last quarter. Elefante Mark B bought a new position in shares of Adobe in the fourth quarter worth about $385,000. Ethic Inc. increased its stake in shares of Adobe by 12.0% in the fourth quarter. Ethic Inc. now owns 45,775 shares of the software company's stock worth $20,355,000 after purchasing an additional 4,898 shares during the period. Ewing Morris & Co. Investment Partners Ltd. bought a new position in shares of Adobe in the fourth quarter worth about $667,000. Finally, Fairview Capital Investment Management LLC increased its stake in shares of Adobe by 12.8% in the fourth quarter. Fairview Capital Investment Management LLC now owns 103,544 shares of the software company's stock worth $46,044,000 after purchasing an additional 11,778 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. Citigroup lowered their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research note on Monday, March 10th. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They set a "neutral" rating on the stock. Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Bank of America lowered their price target on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Finally, Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $2.07 during trading on Wednesday, reaching $399.47. 2,405,296 shares of the stock were exchanged, compared to its average volume of 3,432,999. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market cap of $170.25 billion, a PE ratio of 32.22, a PEG ratio of 2.15 and a beta of 1.55. The stock has a 50-day moving average price of $377.62 and a 200-day moving average price of $435.54. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company posted $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.16% of the company's stock.

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.