Investment Partners Asset Management Inc. Acquires 108 Shares of Adobe Inc. (NASDAQ:ADBE)

Investment Partners Asset Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 17.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 715 shares of the software company’s stock after purchasing an additional 108 shares during the quarter. Investment Partners Asset Management Inc.’s holdings in Adobe were worth $318,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. International Assets Investment Management LLC grew its position in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. FMR LLC lifted its position in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd purchased a new position in Adobe during the 4th quarter valued at approximately $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in Adobe in the 3rd quarter worth approximately $126,703,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 0.9 %

Adobe stock opened at $462.76 on Thursday. Adobe Inc. has a one year low of $403.75 and a one year high of $610.33. The stock has a market cap of $201.44 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. 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 stock has a 50-day moving average of $449.99 and a two-hundred day moving average of $497.68.

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, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.52 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Royal Bank of Canada decreased their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by insiders.

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.