SLT Holdings LLC Purchases Shares of 1,728 Adobe Inc. (NASDAQ:ADBE)

SLT Holdings LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 1,728 shares of the software company’s stock, valued at approximately $768,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nordea Investment Management AB grew its position in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares during the period. Arizona State Retirement System grew its position in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares during the period. Public Sector Pension Investment Board grew its position in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after acquiring an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the period. Finally, Morse Asset Management Inc grew its position in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, Director David A. Ricks bought 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADBE. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. UBS Group reduced their target price 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. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. 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. Finally, Royal Bank of Canada reduced their target price on shares of Adobe from $590.00 to $550.00 and set an “outperform” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $567.81.

Adobe Price Performance

Adobe stock opened at $449.40 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The stock has a market capitalization of $195.62 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock has a fifty day moving average of $439.56 and a 200-day moving average of $487.15.

Adobe (NASDAQ:ADBE) last posted its quarterly 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the firm earned $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. On average, 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.