Avion Wealth Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Avion Wealth boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 112.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 87 shares of the software company’s stock after purchasing an additional 46 shares during the period. Avion Wealth’s holdings in Adobe were worth $38,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Onyx Bridge Wealth Group LLC increased its stake in Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after purchasing an additional 20 shares during the period. Connable Office Inc. increased its stake in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after buying an additional 20 shares during the period. 1ST Source Bank increased its stake in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the period. James J. Burns & Company LLC increased its stake in shares of Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after buying an additional 22 shares during the period. Finally, Holistic Financial Partners increased its stake in shares of Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after buying an additional 22 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 1.7 %

ADBE stock opened at $458.82 on Wednesday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $626.34. The business has a fifty day moving average price of $452.62 and a 200-day moving average price of $498.52. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $199.72 billion, a P/E ratio of 37.00, a P/E/G ratio of 2.11 and a beta of 1.31.

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, topping 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 during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. BMO Capital Markets reduced their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s 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 trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

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.