Farther Finance Advisors LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 9,557 shares of the software company's stock after acquiring an additional 749 shares during the period. Farther Finance Advisors LLC's holdings in Adobe were worth $3,662,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of ADBE. Brighton Jones LLC boosted its stake in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in Adobe during the fourth quarter worth $76,712,000. Vest Financial LLC boosted its stake in Adobe by 13.7% during the fourth quarter. Vest Financial LLC now owns 2,593 shares of the software company's stock worth $1,153,000 after acquiring an additional 312 shares in the last quarter. Empowered Funds LLC grew its holdings in Adobe by 22.8% in the fourth quarter. Empowered Funds LLC now owns 15,391 shares of the software company's stock worth $6,844,000 after purchasing an additional 2,853 shares during the period. Finally, Kestra Private Wealth Services LLC increased its stake in Adobe by 2.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 13,271 shares of the software company's stock valued at $5,901,000 after purchasing an additional 308 shares in the last quarter. 81.79% of the stock is owned by institutional investors.
Insiders Place Their Bets
In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.16% of the company's stock.
Adobe Stock Performance
NASDAQ ADBE traded down $22.00 during trading hours on Friday, reaching $391.68. 10,618,205 shares of the company were exchanged, compared to its average volume of 3,427,239. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The business's 50 day simple moving average is $385.73 and its 200-day simple moving average is $422.64. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. 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 previous year, the firm posted $4.48 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.
Analyst Ratings Changes
Several brokerages have recently commented on ADBE. UBS Group raised their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Robert W. Baird decreased their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $494.67.
Read Our Latest Analysis on Adobe
Adobe Company Profile
(
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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