Numerai GP LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Numerai GP LLC bought a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 5,301 shares of the software company's stock, valued at approximately $2,357,000.

Other institutional investors also recently bought and sold shares of the company. Decker Retirement Planning Inc. acquired a new position in Adobe in the 4th quarter worth about $31,000. Summit Securities Group LLC acquired a new position in Adobe in the 4th quarter worth about $31,000. Caitlin John LLC raised its holdings in Adobe by 171.4% in the 4th 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 period. 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 worth $38,000 after purchasing an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC raised its holdings in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. Royal Bank of Canada reduced their price target on Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Piper Sandler cut their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Evercore ISI cut their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. UBS Group cut their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Finally, Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Stock Up 3.1%

NASDAQ ADBE traded up $12.44 during trading on Friday, reaching $417.13. 5,386,758 shares of the company's stock were exchanged, compared to its average volume of 3,441,409. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market capitalization of $177.78 billion, a PE ratio of 33.64, a P/E/G ratio of 2.15 and a beta of 1.55. 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 company's fifty day simple moving average is $375.68 and its 200-day simple moving average is $434.30.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates 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 previous year, the company earned $4.48 EPS. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.16% of the company's stock.

Adobe 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.