Valeo Financial Advisors LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Valeo Financial Advisors LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% in the 4th quarter, Holdings Channel reports. The fund owned 7,919 shares of the software company’s stock after buying an additional 523 shares during the period. Valeo Financial Advisors LLC’s holdings in Adobe were worth $3,521,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB grew its holdings in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board grew its holdings in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the period. Morse Asset Management Inc grew its holdings in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Bank of America lowered their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $573.00.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last quarter. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

ADBE stock opened at $460.16 on Friday. 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 company has a market capitalization of $200.31 billion, a PE ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $607.32. The business’s fifty day moving average price is $448.41 and its 200 day moving average price is $497.41.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate 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.