Cambridge Investment Research Advisors Inc. decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 61,110 shares of the software company's stock after selling 4,264 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Adobe were worth $27,175,000 as of its most recent filing with the SEC.
A number of other large investors have also recently bought and sold shares of ADBE. Arizona State Retirement System boosted its holdings in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after buying an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in Adobe in the fourth quarter valued at $1,173,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after acquiring an additional 1,326 shares during the period. M. Kraus & Co acquired a new position in shares of Adobe during the 4th quarter worth about $3,285,000. Finally, Silicon Valley Capital Partners raised its holdings in shares of Adobe by 4.1% in the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after purchasing an additional 236 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.
Insider Transactions at Adobe
In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
ADBE has been the subject of several research analyst reports. StockNews.com downgraded Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Citigroup dropped their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a report on Monday, March 10th. BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. Mizuho lowered their price objective on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Evercore ISI dropped their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Eleven 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $502.88.
Read Our Latest Analysis on ADBE
Adobe Trading Up 2.8%
Shares of ADBE stock traded up $10.83 during trading hours on Monday, hitting $394.11. 1,086,751 shares of the company were exchanged, compared to its average volume of 3,431,733. The company has a 50 day simple moving average of $379.67 and a two-hundred day simple moving average of $436.43. The firm has a market cap of $167.97 billion, a P/E ratio of 31.81, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. Equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.
About Adobe
(
Free Report)
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.
Read More
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
