Adobe Inc. (NASDAQ:ADBE) Shares Purchased by CX Institutional

CX Institutional grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 2,596 shares of the software company’s stock after purchasing an additional 298 shares during the quarter. CX Institutional’s holdings in Adobe were worth $1,154,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dark Forest Capital Management LP bought a new stake in shares of Adobe in the 2nd quarter worth approximately $686,000. Mackenzie Financial Corp lifted its holdings in shares of Adobe by 0.7% during the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock valued at $37,256,000 after purchasing an additional 451 shares during the last quarter. Select Equity Group L.P. boosted its position in shares of Adobe by 154.3% in the 2nd quarter. Select Equity Group L.P. now owns 82,924 shares of the software company’s stock valued at $46,068,000 after purchasing an additional 50,321 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Adobe in the 2nd quarter worth about $44,002,000. Finally, Ninepoint Partners LP raised its holdings in 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 during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. BMO Capital Markets cut their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Citigroup decreased their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Finally, TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

Shares of Adobe stock opened at $435.38 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $469.50 and a 200-day simple moving average of $509.04. The stock has a market capitalization of $189.52 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s quarterly 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 expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

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

About Adobe

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.