Blue Square Asset Management LLC Acquires 149 Shares of Adobe Inc. (NASDAQ:ADBE)

Blue Square Asset Management LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.0% during the 4th quarter, Holdings Channel reports. The fund owned 5,091 shares of the software company’s stock after purchasing an additional 149 shares during the period. Blue Square Asset Management LLC’s holdings in Adobe were worth $2,264,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Mackenzie Financial Corp lifted its position in shares of Adobe by 0.7% during the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock valued at $37,256,000 after buying an additional 451 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Adobe during the 2nd quarter worth approximately $44,002,000. Ninepoint Partners LP lifted its position in Adobe by 7.6% during the second quarter. Ninepoint Partners LP now owns 1,306 shares of the software company’s stock valued at $726,000 after acquiring an additional 92 shares during the last quarter. Peloton Wealth Strategists grew its holdings in Adobe by 19.6% in the second quarter. Peloton Wealth Strategists now owns 3,752 shares of the software company’s stock worth $2,084,000 after purchasing an additional 615 shares during the last quarter. Finally, Oliver Lagore Vanvalin Investment Group increased its position in shares of Adobe by 41.9% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 4,866 shares of the software company’s stock worth $2,703,000 after purchasing an additional 1,438 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ADBE shares. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. UBS Group cut their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Royal Bank of Canada lowered their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Trading Down 0.4 %

Shares of Adobe stock opened at $435.38 on Friday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. 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 company has a market cap of $189.52 billion, a P/E ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The firm has a 50-day simple moving average of $468.14 and a two-hundred day simple moving average of $508.06.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.52 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.