Adobe Inc. (NASDAQ:ADBE) Holdings Raised by OV Management LLC

OV Management LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 6.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,057 shares of the software company’s stock after buying an additional 285 shares during the period. Adobe accounts for 1.0% of OV Management LLC’s portfolio, making the stock its 21st biggest holding. OV Management LLC’s holdings in Adobe were worth $2,249,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of ADBE. Trexquant Investment LP raised its position in Adobe by 198.4% in the fourth quarter. Trexquant Investment LP now owns 110,351 shares of the software company’s stock worth $49,071,000 after acquiring an additional 73,370 shares in the last quarter. May Hill Capital LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $780,000. Headlands Technologies LLC acquired a new stake in Adobe during the fourth quarter valued at approximately $1,527,000. Boston Family Office LLC boosted its holdings in Adobe by 0.8% during the fourth quarter. Boston Family Office LLC now owns 41,650 shares of the software company’s stock worth $18,521,000 after buying an additional 326 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ADBE shares. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Sanford C. Bernstein cut their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company decreased their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Morgan Stanley cut their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, 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 research note on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Stock Performance

NASDAQ:ADBE opened at $383.53 on Tuesday. The firm has a market capitalization of $163.46 billion, a PE ratio of 30.93, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The firm’s fifty day simple moving average is $430.88 and its 200 day simple moving average is $467.49.

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

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s 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 completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by company insiders.

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.