Adobe Inc. (NASDAQ:ADBE) Position Raised by Stewardship Advisors LLC

Stewardship Advisors LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 10.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 541 shares of the software company’s stock after acquiring an additional 52 shares during the period. Stewardship Advisors LLC’s holdings in Adobe were worth $241,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Mackenzie Financial Corp boosted its position 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 worth $37,256,000 after buying an additional 451 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in Adobe during the 2nd quarter valued at $44,002,000. Ninepoint Partners LP raised its stake in Adobe by 7.6% during the 2nd quarter. Ninepoint Partners LP now owns 1,306 shares of the software company’s stock valued at $726,000 after acquiring an additional 92 shares in the last quarter. Peloton Wealth Strategists grew its stake in shares of Adobe by 19.6% in the second quarter. Peloton Wealth Strategists now owns 3,752 shares of the software company’s stock worth $2,084,000 after purchasing an additional 615 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group increased its holdings in shares of Adobe by 41.9% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 4,866 shares of the software company’s stock valued at $2,703,000 after purchasing an additional 1,438 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.4 %

Shares of Adobe stock opened at $435.38 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The company has a market cap of $189.52 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. 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 stock has a 50-day moving average price of $468.14 and a 200 day moving average price of $508.06.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the firm earned $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. 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 report on Wednesday, January 15th. Piper Sandler decreased their price objective 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. Royal Bank of Canada dropped their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.