Jacobs & Co. CA Buys 973 Shares of Adobe Inc. (NASDAQ:ADBE)

Jacobs & Co. CA boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 37,090 shares of the software company’s stock after acquiring an additional 973 shares during the quarter. Adobe accounts for 1.7% of Jacobs & Co. CA’s investment portfolio, making the stock its 12th largest holding. Jacobs & Co. CA’s holdings in Adobe were worth $16,493,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter valued at $26,000. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the 3rd quarter valued at approximately $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% in 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 in the last quarter. Finally, Briaud Financial Planning Inc bought a new position in Adobe in the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.6 %

Shares of Adobe stock traded down $10.76 during trading on Friday, hitting $408.82. 3,763,887 shares of the stock traded hands, compared to its average volume of 3,911,959. Adobe Inc. has a 52-week low of $405.32 and a 52-week high of $638.25. The stock’s fifty day simple moving average is $485.54 and its 200 day simple moving average is $517.97. The firm has a market cap of $179.96 billion, a P/E ratio of 32.97, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate 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 45.22%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 EPS. On average, equities analysts predict that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADBE. Wells Fargo & Company lowered their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday. UBS Group dropped their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Citigroup decreased their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $575.85.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on 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 directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock valued at $1,679,809 over the last 90 days. Insiders own 0.15% of the company’s stock.

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.