Peloton Wealth Strategists Acquires 75 Shares of Adobe Inc. (NASDAQ:ADBE)

Peloton Wealth Strategists boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,167 shares of the software company’s stock after acquiring an additional 75 shares during the quarter. Peloton Wealth Strategists’ holdings in Adobe were worth $1,853,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ADBE. Swedbank AB lifted its position in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares in the last quarter. MONECO Advisors LLC lifted its position in Adobe by 11.3% in the 3rd quarter. MONECO Advisors LLC now owns 730 shares of the software company’s stock valued at $378,000 after acquiring an additional 74 shares in the last quarter. Highline Wealth Partners LLC bought a new position in Adobe in the 3rd quarter valued at about $38,000. JFS Wealth Advisors LLC lifted its position in shares of Adobe by 586.4% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company’s stock worth $547,000 after buying an additional 903 shares in the last quarter. Finally, Tandem Capital Management Corp ADV bought a new position in shares of Adobe during the 3rd quarter worth approximately $858,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was 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 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 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Wells Fargo & Company dropped their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $590.00 target price on shares of Adobe in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $570.88.

Adobe Stock Down 1.0 %

ADBE opened at $437.19 on Friday. The company has a fifty day moving average price of $439.88 and a 200-day moving average price of $491.88. The firm has a market capitalization of $190.31 billion, a P/E ratio of 35.26, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. 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.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during 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%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.52 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.