Vest Financial LLC Has $1.73 Million Position in Adobe Inc. (NASDAQ:ADBE)

Vest Financial LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 73.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,497 shares of the software company's stock after buying an additional 1,904 shares during the quarter. Vest Financial LLC's holdings in Adobe were worth $1,725,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new stake in shares of Adobe in the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC grew its position in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after buying an additional 830,300 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the company'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 transaction, the chief financial officer now directly 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 transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.16% of the company's stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $0.66 during midday trading on Monday, reaching $416.26. 3,032,627 shares of the company's stock were exchanged, compared to its average volume of 3,407,986. The firm has a market capitalization of $177.41 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company's 50 day simple moving average is $381.41 and its two-hundred day simple moving average is $424.16. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. 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 released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BMO Capital Markets reduced their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Piper Sandler cut their price objective 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. Morgan Stanley decreased their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Wall Street Zen raised 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 assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $504.81.

Adobe Company 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.