Hudson Valley Investment Advisors Inc. ADV Has $10.25 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Hudson Valley Investment Advisors Inc. ADV raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,736 shares of the software company's stock after buying an additional 1,908 shares during the quarter. Adobe comprises 1.2% of Hudson Valley Investment Advisors Inc. ADV's portfolio, making the stock its 23rd biggest position. Hudson Valley Investment Advisors Inc. ADV's holdings in Adobe were worth $10,254,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC boosted its position in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in Adobe during the 4th quarter valued at $76,712,000. Caitlin John LLC lifted its position in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after acquiring an additional 48 shares during the last quarter. Telos Capital Management Inc. acquired a new stake in Adobe during the 4th quarter worth approximately $3,754,000. Finally, Glassy Mountain Advisors Inc. lifted its holdings in shares of Adobe by 1.6% during the fourth quarter. Glassy Mountain Advisors Inc. now owns 12,625 shares of the software company's stock worth $5,614,000 after buying an additional 194 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is currently owned by insiders.

Adobe Stock Up 0.4%

Adobe stock opened at $416.92 on Friday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a 50 day moving average price of $381.41 and a two-hundred day moving average price of $425.24. The firm has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a PEG ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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 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 firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Bank of America cut their price target on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Piper Sandler cut their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. BMO Capital Markets cut their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. DA Davidson cut their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Wells Fargo & Company cut their price target on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Adobe 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.

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