NovaPoint Capital LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

NovaPoint Capital LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,560 shares of the software company’s stock after purchasing an additional 60 shares during the quarter. NovaPoint Capital LLC’s holdings in Adobe were worth $694,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Trilogy Capital Inc. grew its stake in Adobe by 47.4% during the 4th quarter. Trilogy Capital Inc. now owns 4,918 shares of the software company’s stock worth $2,187,000 after buying an additional 1,582 shares during the last quarter. Absher Wealth Management LLC grew its stake in Adobe by 74.3% during the 4th quarter. Absher Wealth Management LLC now owns 4,393 shares of the software company’s stock worth $1,953,000 after buying an additional 1,872 shares during the last quarter. Choreo LLC grew its stake in Adobe by 3.3% during the 4th quarter. Choreo LLC now owns 17,201 shares of the software company’s stock worth $7,663,000 after buying an additional 554 shares during the last quarter. Tectonic Advisors LLC grew its stake in Adobe by 12.8% during the 4th quarter. Tectonic Advisors LLC now owns 5,712 shares of the software company’s stock worth $2,540,000 after buying an additional 650 shares during the last quarter. Finally, Lion Street Advisors LLC grew its stake in Adobe by 20.4% during the 4th quarter. Lion Street Advisors LLC now owns 520 shares of the software company’s stock worth $231,000 after buying an additional 88 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

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 transaction of $1,643,086.56. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 in the last three months. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ADBE. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Citigroup reduced their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Piper Sandler reduced their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, BMO Capital Markets reduced their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Down 0.6 %

NASDAQ:ADBE opened at $437.63 on Thursday. The firm has a market capitalization of $190.50 billion, a price-to-earnings ratio of 35.29, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $628.07. 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 business’s fifty day moving average price is $458.66 and its 200 day moving average price is $501.38.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate 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%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.52 earnings per share. On average, sell-side analysts forecast 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.