Wright Investors Service Inc. Has $1.82 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Wright Investors Service Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 133.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,744 shares of the software company's stock after buying an additional 2,715 shares during the quarter. Wright Investors Service Inc.'s holdings in Adobe were worth $1,819,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Siemens Fonds Invest GmbH raised its position in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new position in shares of Adobe during the fourth quarter valued at $28,000. Copia Wealth Management acquired a new position in shares of Adobe during the fourth quarter valued at $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe during the fourth quarter valued at $31,000. Finally, Caitlin John LLC lifted its stake in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by corporate insiders.

Adobe Trading Up 1.2%

Shares of NASDAQ ADBE traded up $4.84 during trading on Thursday, reaching $418.75. The company had a trading volume of 1,143,076 shares, compared to its average volume of 3,406,011. The company's fifty day moving average price is $380.10 and its 200-day moving average price is $426.39. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market cap of $178.47 billion, a P/E ratio of 33.77, 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 (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company 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 company earned $4.48 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADBE. Wells Fargo & Company cut their price target on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Stifel Nicolaus dropped their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Finally, Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 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 given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

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.