Cyndeo Wealth Partners LLC Buys 436 Shares of Adobe Inc. (NASDAQ:ADBE)

Cyndeo Wealth Partners LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 7,548 shares of the software company’s stock after acquiring an additional 436 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Adobe were worth $3,356,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dark Forest Capital Management LP acquired a new position in shares of Adobe in the 2nd quarter valued at about $686,000. Mackenzie Financial Corp increased its holdings in Adobe by 0.7% in the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after purchasing an additional 451 shares in the last quarter. Select Equity Group L.P. increased its holdings in Adobe by 154.3% in the second quarter. Select Equity Group L.P. now owns 82,924 shares of the software company’s stock worth $46,068,000 after purchasing an additional 50,321 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Adobe in the second quarter valued at approximately $44,002,000. Finally, Ninepoint Partners LP boosted its holdings in shares of Adobe by 7.6% during the 2nd quarter. Ninepoint Partners LP now owns 1,306 shares of the software company’s stock worth $726,000 after buying an additional 92 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.4 %

ADBE stock opened at $435.38 on Friday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The stock has a market cap of $189.52 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The stock’s fifty day simple moving average is $468.14 and its two-hundred day simple moving average is $508.06. 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) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.52 earnings per share. Analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADBE. Jefferies Financial Group lowered their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup decreased their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday, January 15th. Wells Fargo & Company cut their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 20th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.