Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Stonegate Investment Group LLC

Stonegate Investment Group LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.1% during the fourth quarter, Holdings Channel reports. The fund owned 10,629 shares of the software company’s stock after buying an additional 888 shares during the quarter. Stonegate Investment Group LLC’s holdings in Adobe were worth $4,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Perigon Wealth Management LLC increased its stake in shares of Adobe by 1.1% in the fourth quarter. Perigon Wealth Management LLC now owns 10,501 shares of the software company’s stock worth $4,483,000 after acquiring an additional 116 shares during the period. Jeppson Wealth Management LLC increased its stake in shares of Adobe by 6.4% in the fourth quarter. Jeppson Wealth Management LLC now owns 1,538 shares of the software company’s stock worth $684,000 after acquiring an additional 93 shares during the period. Hutchens & Kramer Investment Management Group LLC increased its stake in shares of Adobe by 10.1% in the fourth quarter. Hutchens & Kramer Investment Management Group LLC now owns 557 shares of the software company’s stock worth $248,000 after acquiring an additional 51 shares during the period. Bay Rivers Group boosted its holdings in Adobe by 30.7% during the fourth quarter. Bay Rivers Group now owns 813 shares of the software company’s stock worth $362,000 after buying an additional 191 shares in the last quarter. Finally, Slow Capital Inc. boosted its holdings in Adobe by 9.7% during the fourth quarter. Slow Capital Inc. now owns 7,250 shares of the software company’s stock worth $3,224,000 after buying an additional 639 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of a number of recent analyst reports. Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Mizuho decreased their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada decreased their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Shares of ADBE stock opened at $438.59 on Tuesday. 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 firm has a market cap of $190.92 billion, a P/E ratio of 35.37, a PEG ratio of 2.12 and a beta of 1.31. The stock’s 50-day moving average is $468.14 and its two-hundred day moving average is $507.26. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the business posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.