Investment House LLC Has $39.15 Million Position in Adobe Inc. (NASDAQ:ADBE)

Investment House LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 88,048 shares of the software company’s stock after selling 1,307 shares during the quarter. Adobe comprises approximately 2.1% of Investment House LLC’s holdings, making the stock its 10th biggest position. Investment House LLC’s holdings in Adobe were worth $39,153,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Swedbank AB boosted its stake in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank boosted its stake in shares of Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Adobe by 8.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock worth $44,036,000 after acquiring an additional 6,720 shares during the period. Quest Partners LLC boosted its stake in Adobe by 322.1% in the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock valued at $1,285,000 after purchasing an additional 1,894 shares during the period. Finally, MidAtlantic Capital Management Inc. bought a new stake in Adobe in the 3rd quarter valued at $30,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last 90 days. Insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Evercore ISI reduced their price target 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 set a $495.00 price target on Adobe in a research note on Thursday, March 13th. Piper Sandler reduced their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Morgan Stanley reduced their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Bank of America reduced their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $542.00.

Adobe Price Performance

Adobe stock opened at $391.37 on Wednesday. The stock has a market capitalization of $170.40 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a fifty day moving average of $435.77 and a 200-day moving average of $479.02.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for 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 quarter in the previous year, the company posted $4.48 EPS. On average, sell-side analysts expect 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.