Meyer Handelman Co. increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 562.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,560 shares of the software company's stock after purchasing an additional 14,060 shares during the period. Meyer Handelman Co.'s holdings in Adobe were worth $6,351,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Copia Wealth Management bought a new stake in shares of Adobe in the 4th quarter worth $28,000. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter worth $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter worth $31,000. Caitlin John LLC raised its stake 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 buying an additional 48 shares in the last quarter. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the 4th quarter worth $36,000. Institutional investors own 81.79% of the company's stock.
Insider Activity at Adobe
In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.16% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have commented on ADBE. Evercore ISI decreased their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Robert W. Baird decreased their price objective 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. UBS Group cut their target price on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Citigroup decreased their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Finally, Oppenheimer dropped their price target on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $502.88.
Check Out Our Latest Analysis on ADBE
Adobe Stock Performance
Shares of NASDAQ ADBE traded down $11.69 during trading hours on Monday, hitting $403.40. 4,151,456 shares of the company's stock were exchanged, compared to its average volume of 3,425,037. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $171.93 billion, a price-to-earnings ratio of 32.53, a PEG ratio of 2.15 and a beta of 1.55. The company's 50-day moving average price is $379.10 and its 200-day moving average price is $427.27.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. On average, sell-side 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.
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