Purkiss Capital Advisors LLC Acquires Shares of 460 Adobe Inc. (NASDAQ:ADBE)

Purkiss Capital Advisors LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 460 shares of the software company’s stock, valued at approximately $205,000.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp increased its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC increased its position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after buying an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe by 3.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after buying an additional 140,390 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the director now 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BNP Paribas raised shares of 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. Citigroup cut their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Wells Fargo & Company reduced their price objective 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. BMO Capital Markets reduced their price target on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Finally, Jefferies Financial Group dropped their price objective on Adobe from $700.00 to $650.00 and set a “buy” 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Adobe Stock Performance

Shares of ADBE stock opened at $438.49 on Friday. The company’s 50 day moving average is $439.71 and its 200 day moving average is $490.93. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $190.87 billion, a price-to-earnings ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75.

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