Atlas Legacy Advisors LLC Purchases Shares of 548 Adobe Inc. (NASDAQ:ADBE)

Atlas Legacy Advisors LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 548 shares of the software company’s stock, valued at approximately $244,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in Adobe during the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Briaud Financial Planning Inc bought a new stake in shares of Adobe during the 3rd quarter worth $36,000. Finally, Decker Retirement Planning Inc. bought a new stake in shares of Adobe during the 4th quarter worth $31,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 1.5 %

NASDAQ:ADBE opened at $456.99 on Thursday. The stock’s fifty day moving average price is $441.28 and its two-hundred day moving average price is $494.89. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $198.93 billion, a price-to-earnings ratio of 36.85, a P/E/G ratio of 2.23 and a beta of 1.31.

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, topping the consensus estimate of $4.67 by $0.14. The firm 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 for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.52 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on 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 owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % 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 90 days. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Bank of America reduced their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Mizuho reduced their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Jefferies Financial Group reduced their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.