Portside Wealth Group LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 12,984 shares of the software company's stock after selling 654 shares during the period. Adobe comprises approximately 0.9% of Portside Wealth Group LLC's holdings, making the stock its 25th largest holding. Portside Wealth Group LLC's holdings in Adobe were worth $4,980,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings 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 in the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Adobe during the 4th quarter worth approximately $76,712,000. Golden State Equity Partners grew its stake in shares of Adobe by 688.5% during the 4th quarter. Golden State Equity Partners now owns 1,033 shares of the software company's stock worth $459,000 after acquiring an additional 902 shares in the last quarter. McAdam LLC raised its holdings in shares of Adobe by 13.7% in the fourth quarter. McAdam LLC now owns 566 shares of the software company's stock valued at $252,000 after purchasing an additional 68 shares during the last quarter. Finally, Princeton Global Asset Management LLC lifted its position in shares of Adobe by 86.4% in the fourth quarter. Princeton Global Asset Management LLC now owns 192 shares of the software company's stock worth $85,000 after purchasing an additional 89 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Adobe
In other news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.16% of the stock is currently owned by insiders.
Adobe Price Performance
Shares of ADBE traded up $1.29 during trading hours on Thursday, reaching $415.20. The company had a trading volume of 2,272,597 shares, compared to its average volume of 3,410,302. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day simple moving average of $380.10 and a 200-day simple moving average of $426.39. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a market capitalization of $176.96 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the business earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the company. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. UBS Group reduced their target price on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Royal Bank of Canada restated an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research report on Thursday. Finally, Wells Fargo & Company lowered their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of "Moderate Buy" and an average target price of $502.88.
Check Out Our Latest Analysis on ADBE
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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