Private Portfolio Partners LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Private Portfolio Partners LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 3.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 929 shares of the software company’s stock after purchasing an additional 35 shares during the quarter. Private Portfolio Partners LLC’s holdings in Adobe were worth $413,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in Adobe during the 4th quarter worth $2,553,035,000. Proficio Capital Partners LLC grew its stake in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Adobe in the 4th quarter valued at approximately $243,827,000. Finally, Assenagon Asset Management S.A. boosted its stake in Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred 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 of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Price Performance

Adobe stock opened at $385.78 on Thursday. The stock has a market capitalization of $164.42 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37. The company’s fifty day moving average price is $428.78 and its 200 day moving average price is $465.84. 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 1 year low of $370.95 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business earned $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.