Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Quartz Partners LLC

Quartz Partners LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 11.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,078 shares of the software company’s stock after buying an additional 431 shares during the period. Adobe accounts for about 1.1% of Quartz Partners LLC’s portfolio, making the stock its 22nd largest position. Quartz Partners LLC’s holdings in Adobe were worth $1,813,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC lifted its position in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Briaud Financial Planning Inc purchased a new stake in Adobe during the third quarter worth approximately $36,000. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of a number of research reports. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Citigroup decreased their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Barclays dropped their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $444.32 on Monday. The company has a market cap of $193.41 billion, a PE ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The firm has a 50-day simple moving average of $440.46 and a 200 day simple moving average of $493.88. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS 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 return on equity of 45.87% and a net margin of 25.85%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.52 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last three months. Company insiders own 0.15% 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.