Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Cromwell Holdings LLC

Cromwell Holdings LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 16.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,396 shares of the software company’s stock after purchasing an additional 195 shares during the quarter. Cromwell Holdings LLC’s holdings in Adobe were worth $621,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment boosted its stake in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC increased its stake in shares of 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 acquiring an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in shares of Adobe during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Sanford C. Bernstein dropped their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $590.00 price objective on shares of Adobe in a report on Thursday, February 13th. Finally, Barclays cut their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value 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 ownership of the stock. 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 dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $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 sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.5 %

ADBE opened at $454.69 on Friday. The business has a fifty day moving average price of $440.89 and a 200 day moving average price of $494.61. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The stock has a market capitalization of $197.93 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 2.25 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.