Neo Ivy Capital Management bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 18,453 shares of the software company's stock, valued at approximately $8,205,000. Adobe makes up approximately 1.7% of Neo Ivy Capital Management's holdings, making the stock its 6th biggest holding.
Several other large investors have also made changes to their positions in the company. Siemens Fonds Invest GmbH lifted its stake 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 valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during the fourth quarter valued at about $31,000. Caitlin John LLC grew its holdings in shares of 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 purchasing an additional 48 shares during the last quarter. Avion Wealth raised its holdings in Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after buying an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC boosted its position in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.
Insider Buying and Selling at Adobe
In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.16% of the company's stock.
Adobe Stock Performance
Shares of NASDAQ ADBE traded up $0.05 during midday trading on Wednesday, reaching $413.15. The company's stock had a trading volume of 813,720 shares, compared to its average volume of 3,436,631. The stock has a market capitalization of $176.08 billion, a P/E ratio of 33.32, a PEG ratio of 2.15 and a beta of 1.55. 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 firm has a 50 day moving average price of $378.00 and a 200-day moving average price of $430.23. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.
Analysts Set New Price Targets
ADBE has been the topic of a number of recent analyst reports. Morgan Stanley cut their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. UBS Group reduced their price objective on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Finally, Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $502.88.
Check Out Our Latest Research Report on ADBE
Adobe Company Profile
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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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