Adobe Inc. (NASDAQ:ADBE) Position Raised by Bay Rivers Group

Bay Rivers Group increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 19.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 975 shares of the software company’s stock after purchasing an additional 162 shares during the period. Bay Rivers Group’s holdings in Adobe were worth $374,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sepio Capital LP grew its position in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank grew its position in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC grew its position in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC grew its position in Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC grew its position in Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $413.91 on Thursday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a 50-day simple moving average of $380.10 and a two-hundred day simple moving average of $426.39. The stock has a market capitalization of $176.41 billion, a price-to-earnings ratio of 33.38, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the company earned $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. Piper Sandler decreased their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Bank of America cut their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

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.