Synergy Asset Management LLC Has $2.74 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Synergy Asset Management LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,215 shares of the software company’s stock after acquiring an additional 764 shares during the period. Synergy Asset Management LLC’s holdings in Adobe were worth $2,741,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Adobe during the third quarter worth $26,000. Groupama Asset Managment lifted its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC increased its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ADBE. Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. DA Davidson reduced their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. UBS Group dropped their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Finally, Royal Bank of Canada cut their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company 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, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of ADBE stock opened at $441.68 on Thursday. The business has a fifty day simple moving average of $465.79 and a 200 day simple moving average of $505.60. The company has a market cap of $192.26 billion, a P/E ratio of 35.62, a P/E/G ratio of 2.12 and a beta of 1.31. 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 Inc. has a twelve month low of $403.75 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm 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 revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.52 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.