Adobe Inc. (NASDAQ:ADBE) Shares Purchased by PARUS FINANCE UK Ltd

PARUS FINANCE UK Ltd raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 27.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,045 shares of the software company’s stock after purchasing an additional 7,980 shares during the period. Adobe comprises approximately 5.2% of PARUS FINANCE UK Ltd’s holdings, making the stock its 7th largest holding. PARUS FINANCE UK Ltd’s holdings in Adobe were worth $16,473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allianz SE acquired a new position in Adobe in the fourth quarter worth about $11,885,000. Biondo Investment Advisors LLC lifted its holdings in Adobe by 2.1% during the 4th quarter. Biondo Investment Advisors LLC now owns 36,225 shares of the software company’s stock worth $16,108,000 after buying an additional 738 shares during the last quarter. Allstate Corp lifted its holdings in Adobe by 3,176.9% during the 4th quarter. Allstate Corp now owns 13,075 shares of the software company’s stock worth $5,814,000 after buying an additional 12,676 shares during the last quarter. Troy Asset Management Ltd grew its position in shares of Adobe by 34.8% in the 4th quarter. Troy Asset Management Ltd now owns 72,865 shares of the software company’s stock worth $32,402,000 after acquiring an additional 18,820 shares in the last quarter. Finally, RiverFront Investment Group LLC increased its holdings in shares of Adobe by 63.2% in the 4th quarter. RiverFront Investment Group LLC now owns 764 shares of the software company’s stock valued at $340,000 after acquiring an additional 296 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 2.6 %

Shares of NASDAQ:ADBE opened at $385.71 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. The stock has a market capitalization of $167.94 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The company has a 50 day moving average price of $431.81 and a 200 day moving average price of $470.42.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the firm posted $4.48 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on 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 transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Barclays decreased their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Redburn Atlantic initiated coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Robert W. Baird decreased their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $533.85.

Adobe 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.