Promus Capital LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Promus Capital LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, Holdings Channel reports. The fund purchased 2,406 shares of the software company’s stock, valued at approximately $1,070,000. Adobe makes up about 1.0% of Promus Capital LLC’s holdings, making the stock its 17th biggest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $26,000. Groupama Asset Managment lifted its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC lifted its position 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 purchasing an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Adobe during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 1.2 %

NASDAQ ADBE opened at $451.24 on Thursday. The firm has a market cap of $196.42 billion, a PE ratio of 36.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The stock’s 50 day simple moving average is $439.61 and its 200 day simple moving average is $488.77. 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 (NASDAQ:ADBE) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $3.52 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. Finally, Oppenheimer cut their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

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.