Warm Springs Advisors Inc. Invests $1.65 Million in Adobe Inc. (NASDAQ:ADBE)

Warm Springs Advisors Inc. bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,711 shares of the software company's stock, valued at approximately $1,650,000. Adobe comprises approximately 1.5% of Warm Springs Advisors Inc.'s portfolio, making the stock its 21st largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System raised its holdings in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after buying an additional 570 shares during the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe in the fourth quarter worth $1,173,000. Silicon Valley Capital Partners raised its holdings in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock worth $2,656,000 after buying an additional 236 shares during the last quarter. Foundations Investment Advisors LLC raised its holdings in shares of Adobe by 30.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company's stock worth $16,012,000 after buying an additional 8,508 shares during the last quarter. Finally, Horan Capital Advisors LLC. raised its holdings in shares of Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after buying an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

ADBE traded down $0.87 during midday trading on Wednesday, hitting $412.23. 2,237,868 shares of the company traded hands, compared to its average volume of 3,704,577. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $175.69 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The business has a 50 day simple moving average of $378.00 and a two-hundred day simple moving average of $430.23.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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 for 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 period last year, the firm posted $4.48 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on ADBE shares. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Robert W. Baird cut their price objective on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, Piper Sandler cut their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $502.88.

Insider Buying and Selling at Adobe

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

Adobe Company Profile

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.