Brooks Moore & Associates Inc. Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Brooks Moore & Associates Inc. purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,061 shares of the software company's stock, valued at approximately $472,000.

Other hedge funds have also made changes to their positions in the company. Decker Retirement Planning Inc. acquired a new stake in Adobe during the fourth quarter worth $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter valued at about $31,000. Caitlin John LLC raised its position in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares in the last quarter. Mascoma Wealth Management LLC lifted its stake in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares during the period. Finally, LFA Lugano Financial Advisors SA acquired a new stake in Adobe during the fourth quarter valued at approximately $38,000. Institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. JPMorgan Chase & Co. cut their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Citigroup lowered their target price on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. Bank of America cut their price target on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Piper Sandler dropped their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Oppenheimer reduced their target price on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Stock Performance

Shares of Adobe stock traded down $0.71 on Friday, hitting $383.28. The stock had a trading volume of 2,030,646 shares, compared to its average volume of 3,440,824. The stock has a market cap of $163.35 billion, a price-to-earnings ratio of 30.91, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business's 50 day moving average is $379.67 and its two-hundred day moving average is $436.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

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

Insider Buying and Selling

In related news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.16% of the stock is currently owned by company 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.