Lederer & Associates Investment Counsel CA Has $1.80 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Lederer & Associates Investment Counsel CA boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,042 shares of the software company’s stock after buying an additional 60 shares during the quarter. Adobe makes up about 1.3% of Lederer & Associates Investment Counsel CA’s portfolio, making the stock its 24th biggest position. Lederer & Associates Investment Counsel CA’s holdings in Adobe were worth $1,797,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the 3rd quarter worth approximately $26,000. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC boosted its stake 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, Briaud Financial Planning Inc bought a new position in shares of Adobe during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly 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 position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $437.45 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The stock has a market capitalization of $190.42 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31. The stock has a fifty day moving average of $461.97 and a 200-day moving average of $503.41.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on ADBE. Jefferies Financial Group reduced their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada reduced their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Piper Sandler reduced their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.