Breed s Hill Capital LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 1,168 shares of the software company's stock, valued at approximately $519,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Siemens Fonds Invest GmbH boosted its position in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter worth $31,000. Caitlin John LLC boosted its position in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares in the last quarter. Avion Wealth boosted its position in shares of Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after purchasing an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC boosted its position in shares of Adobe by 142.9% in 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 in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. Oppenheimer lowered their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Citigroup lowered their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Wells Fargo & Company lowered their price target on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. DA Davidson lowered their price target on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Jefferies Financial Group reduced their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.
View Our Latest Analysis on Adobe
Insiders Place Their Bets
In other news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by company insiders.
Adobe Price Performance
NASDAQ:ADBE opened at $414.33 on Friday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a 50 day moving average of $376.81 and a two-hundred day moving average of $432.49. 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 firm has a market cap of $176.59 billion, a P/E ratio of 33.41, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business earned $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.
Further Reading
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