CGN Advisors LLC Buys 2,067 Shares of Adobe Inc. (NASDAQ:ADBE)

CGN Advisors LLC lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 77.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,750 shares of the software company's stock after buying an additional 2,067 shares during the quarter. CGN Advisors LLC's holdings in Adobe were worth $1,822,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADBE. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after acquiring an additional 600,146 shares during the period. Northern Trust Corp raised its stake in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after acquiring an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC boosted its holdings in Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Up 0.3%

ADBE traded up $1.42 during trading on Wednesday, hitting $413.91. The company had a trading volume of 1,841,667 shares, compared to its average volume of 3,413,915. The company has a market capitalization of $176.41 billion, a PE ratio of 33.38, a PEG ratio of 2.15 and a beta of 1.55. 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 one year low of $332.01 and a one year high of $587.75. The firm's 50-day moving average price is $379.54 and its 200 day moving average price is $426.47.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its 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 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 business posted $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction on 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 acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Citigroup cut their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Redburn Atlantic began coverage on Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $502.88.

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.