AFT Forsyth & Company Inc. Has $2.09 Million Stake in Adobe Inc. (NASDAQ:ADBE)

AFT Forsyth & Company Inc. lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,703 shares of the software company’s stock after selling 290 shares during the period. Adobe comprises 1.0% of AFT Forsyth & Company Inc.’s portfolio, making the stock its 22nd largest holding. AFT Forsyth & Company Inc.’s holdings in Adobe were worth $2,091,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. CX Institutional boosted its stake in Adobe by 4.2% in the 3rd quarter. CX Institutional now owns 2,298 shares of the software company’s stock valued at $1,190,000 after buying an additional 93 shares in the last quarter. Creative Planning lifted its holdings in shares of Adobe by 34.9% during the third quarter. Creative Planning now owns 165,167 shares of the software company’s stock valued at $84,750,000 after acquiring an additional 42,736 shares during the period. Swedbank AB boosted its stake in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares in the last quarter. Magnus Financial Group LLC grew its holdings in shares of Adobe by 9.2% in the 3rd quarter. Magnus Financial Group LLC now owns 928 shares of the software company’s stock worth $480,000 after purchasing an additional 78 shares during the last quarter. Finally, Petredis Investment Advisors LLC increased its position in shares of Adobe by 0.3% during the 3rd quarter. Petredis Investment Advisors LLC now owns 7,810 shares of the software company’s stock worth $4,044,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.9 %

NASDAQ:ADBE opened at $462.76 on Thursday. 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 Inc. has a 1-year low of $403.75 and a 1-year high of $610.33. The firm has a market capitalization of $201.44 billion, a price-to-earnings ratio of 37.32, a PEG ratio of 2.11 and a beta of 1.31. The business’s 50-day moving average price is $451.47 and its two-hundred day moving average price is $497.93.

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

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on ADBE. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. DA Davidson dropped their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.