Custom Index Systems LLC Purchases 167 Shares of Adobe Inc. (NASDAQ:ADBE)

Custom Index Systems LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 23.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 882 shares of the software company’s stock after buying an additional 167 shares during the quarter. Custom Index Systems LLC’s holdings in Adobe were worth $392,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ADBE. Czech National Bank increased its position in shares of Adobe by 5.8% in the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock worth $46,768,000 after purchasing an additional 4,954 shares during the period. Unique Wealth LLC increased its holdings in Adobe by 17.0% in the 3rd quarter. Unique Wealth LLC now owns 3,526 shares of the software company’s stock valued at $1,826,000 after buying an additional 512 shares during the period. Canandaigua National Bank & Trust Co. lifted its holdings in shares of Adobe by 10.8% during the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 7,005 shares of the software company’s stock worth $3,627,000 after acquiring an additional 685 shares during the period. Apella Capital LLC boosted its position in shares of Adobe by 6.2% during the 3rd quarter. Apella Capital LLC now owns 631 shares of the software company’s stock worth $319,000 after acquiring an additional 37 shares in the last quarter. Finally, Private Client Services LLC increased its stake in Adobe by 10.0% in the third quarter. Private Client Services LLC now owns 3,642 shares of the software company’s stock valued at $1,886,000 after acquiring an additional 331 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred 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 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 trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Down 1.9 %

Adobe stock opened at $437.45 on Friday. 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 market capitalization of $190.42 billion, a P/E ratio of 35.28, a P/E/G ratio of 2.14 and a beta of 1.31. The firm has a 50 day moving average price of $463.46 and a 200-day moving average price of $504.74. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on ADBE shares. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada cut their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Mizuho decreased their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets cut their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.