Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,104 shares of the software company's stock, valued at approximately $491,000.
Several other institutional investors also recently modified their holdings of ADBE. Shorepoint Capital Partners LLC raised its position in shares of Adobe by 6.8% during the fourth quarter. Shorepoint Capital Partners LLC now owns 6,180 shares of the software company's stock worth $2,748,000 after acquiring an additional 393 shares during the last quarter. Mission Creek Capital Partners Inc. raised its holdings in Adobe by 4.0% during the 4th quarter. Mission Creek Capital Partners Inc. now owns 5,291 shares of the software company's stock worth $2,353,000 after purchasing an additional 203 shares during the last quarter. Bolthouse Investments LLC bought a new position in Adobe during the 4th quarter worth approximately $254,000. Johnson Financial Group Inc. lifted its position in shares of Adobe by 6.5% in the 4th quarter. Johnson Financial Group Inc. now owns 9,237 shares of the software company's stock worth $4,041,000 after purchasing an additional 562 shares during the period. Finally, Boothbay Fund Management LLC boosted its stake in shares of Adobe by 886.9% in the 4th quarter. Boothbay Fund Management LLC now owns 13,471 shares of the software company's stock valued at $5,990,000 after purchasing an additional 12,106 shares during the last quarter. 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 business's stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by corporate insiders.
Analyst Ratings Changes
ADBE has been the topic of several recent analyst reports. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Evercore ISI decreased their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. StockNews.com lowered Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Robert W. Baird dropped their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.
View Our Latest Stock Report on ADBE
Adobe Stock Performance
Shares of NASDAQ:ADBE traded up $4.00 during trading on Wednesday, hitting $374.98. 3,297,049 shares of the company were exchanged, compared to its average volume of 3,434,441. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a 50 day moving average of $388.06 and a 200 day moving average of $442.81. 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 company has a market cap of $159.82 billion, a PE ratio of 30.24, a P/E/G ratio of 2.15 and a beta of 1.49.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS 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 the consensus estimate of $5.66 billion. During the same quarter last year, the company earned $4.48 EPS. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.
Adobe 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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