Stoneridge Investment Partners LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Stoneridge Investment Partners LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 21.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,553 shares of the software company’s stock after purchasing an additional 1,518 shares during the period. Adobe makes up 1.4% of Stoneridge Investment Partners LLC’s portfolio, making the stock its 22nd biggest position. Stoneridge Investment Partners LLC’s holdings in Adobe were worth $3,803,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in Adobe during the 3rd quarter worth $26,000. Piscataqua Savings Bank grew its holdings in 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 in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc bought a new position in Adobe in the third quarter worth approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. UBS Group dropped their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Barclays lowered their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were 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 directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on 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 transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.5 %

Shares of NASDAQ ADBE opened at $433.07 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $628.07. 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 stock has a market capitalization of $188.52 billion, a price-to-earnings ratio of 34.93, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The firm has a 50-day moving average price of $453.92 and a 200 day moving average price of $499.63.

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