Valicenti Advisory Services Inc. Makes New $3.32 Million Investment in Adobe Inc. (NASDAQ:ADBE)

Valicenti Advisory Services Inc. purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,455 shares of the software company’s stock, valued at approximately $3,315,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Onyx Bridge Wealth Group LLC raised its stake in shares of Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares in the last quarter. Connable Office Inc. raised its position in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank lifted its holdings in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the last quarter. Next Capital Management LLC boosted its position in shares of Adobe by 3.2% during the 2nd quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock valued at $377,000 after purchasing an additional 21 shares in the last quarter. Finally, James J. Burns & Company LLC grew its stake in shares of Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after purchasing an additional 22 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % 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 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on ADBE. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Barclays reduced their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. 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. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Down 0.7 %

NASDAQ:ADBE opened at $439.60 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $465.79 and its 200-day moving average is $505.60. The firm has a market cap of $191.36 billion, a price-to-earnings ratio of 35.47, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share 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 analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.52 EPS. Equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current 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.