Mattern Capital Management LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Mattern Capital Management LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 57.7% during the 4th quarter, Holdings Channel reports. The firm owned 2,069 shares of the software company’s stock after buying an additional 757 shares during the quarter. Mattern Capital Management LLC’s holdings in Adobe were worth $920,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. ING Groep NV raised its position in shares of Adobe by 66.8% during the 4th quarter. ING Groep NV now owns 295,476 shares of the software company’s stock valued at $131,392,000 after buying an additional 118,355 shares in the last quarter. Flossbach Von Storch SE grew its stake in Adobe by 15.1% in the 4th quarter. Flossbach Von Storch SE now owns 71,136 shares of the software company’s stock worth $31,633,000 after acquiring an additional 9,309 shares in the last quarter. Dash Acquisitions Inc. boosted its stake in shares of Adobe by 5.2% during the fourth quarter. Dash Acquisitions Inc. now owns 26,397 shares of the software company’s stock valued at $11,690,000 after purchasing an additional 1,312 shares in the last quarter. Citizens National Bank Trust Department boosted its stake in shares of Adobe by 5.7% during the fourth quarter. Citizens National Bank Trust Department now owns 5,905 shares of the software company’s stock valued at $2,626,000 after purchasing an additional 320 shares in the last quarter. Finally, Jordan Park Group LLC boosted its stake in shares of Adobe by 18.3% during the fourth quarter. Jordan Park Group LLC now owns 517 shares of the software company’s stock valued at $230,000 after purchasing an additional 80 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE opened at $454.69 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm’s 50-day moving average price is $440.89 and its 200 day moving average price is $494.61. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The firm has a market capitalization of $197.93 billion, a PE ratio of 36.67, a PEG ratio of 2.25 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its 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. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.52 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In related news, EVP Scott Belsky sold 922 shares of Adobe 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 completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ADBE shares. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Barclays decreased their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, BMO Capital Markets dropped their price target on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.