16,000 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by PKO Investment Management Joint Stock Co

PKO Investment Management Joint Stock Co purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 16,000 shares of the software company's stock, valued at approximately $7,115,000. Adobe accounts for about 0.9% of PKO Investment Management Joint Stock Co's holdings, making the stock its 22nd biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Copia Wealth Management bought a new stake in Adobe in the 4th quarter valued at $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the 4th quarter valued at $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter valued at $31,000. Caitlin John LLC boosted 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 valued at $34,000 after purchasing an additional 48 shares in the last quarter. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe during the 4th quarter worth about $36,000. Institutional investors own 81.79% of the company's stock.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. 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 owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Citigroup reduced their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Finally, Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Trading Up 0.3%

NASDAQ:ADBE traded up $1.40 on Friday, reaching $414.76. 4,229,413 shares of the stock traded hands, compared to its average volume of 3,422,194. The firm has a market capitalization of $176.77 billion, a price-to-earnings ratio of 33.45, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company's 50 day moving average is $379.10 and its 200-day moving average is $427.27. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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, topping analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business earned $4.48 EPS. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

About Adobe

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.