Private Advisor Group LLC Purchases 1,082 Shares of Adobe Inc. (NASDAQ:ADBE)

Private Advisor Group LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 25,475 shares of the software company’s stock after buying an additional 1,082 shares during the period. Private Advisor Group LLC’s holdings in Adobe were worth $11,328,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment raised its stake in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the third quarter worth $30,000. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. purchased a new stake in shares of Adobe during the fourth quarter valued at $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $454.69 on Friday. The company 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. 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 stock’s 50-day simple moving average is $440.89 and its 200-day simple moving average is $494.61. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75.

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 for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the firm earned $3.52 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of 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 legal filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Piper Sandler decreased their price objective 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. Royal Bank of Canada restated an “outperform” rating and issued a $590.00 target price on shares of Adobe in a report on Thursday, February 13th. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday. They set a “neutral” rating for the company. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $570.88.

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.