Putney Financial Group LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,146 shares of the software company's stock, valued at approximately $510,000.
Other large investors have also made changes to their positions in the company. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at about $31,000. Caitlin John LLC raised its stake in Adobe by 171.4% during 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 during the period. Avion Wealth boosted its holdings in Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after purchasing an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC grew its holdings in shares of Adobe by 142.9% during the 4th 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. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have commented on ADBE. Mizuho dropped their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group dropped their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. BMO Capital Markets dropped their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $502.88.
Check Out Our Latest Analysis on Adobe
Adobe Stock Performance
NASDAQ ADBE traded down $0.87 during trading hours on Wednesday, hitting $412.23. The company had a trading volume of 2,238,353 shares, compared to its average volume of 3,445,640. 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 1-year low of $332.01 and a 1-year high of $587.75. The company has a market cap of $175.69 billion, a PE ratio of 33.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business has a 50 day moving average of $378.00 and a 200-day moving average of $430.23.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.
Insider Buying and Selling at Adobe
In other news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.16% of the stock is owned by corporate insiders.
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.
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