MONECO Advisors LLC Has $370,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

MONECO Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 14.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 832 shares of the software company’s stock after buying an additional 102 shares during the quarter. MONECO Advisors LLC’s holdings in Adobe were worth $370,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Legacy Investment Solutions LLC acquired a new stake in Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Wells Fargo & Company lowered their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, BMO Capital Markets dropped their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. One research 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 company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction 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 sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Adobe stock opened at $444.42 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The firm has a market capitalization of $193.46 billion, a P/E ratio of 35.84, a PEG ratio of 2.20 and a beta of 1.31. The business has a fifty day moving average price of $440.12 and a 200-day moving average price of $493.28.

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

About Adobe

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.