Independent Advisor Alliance Buys 7,963 Shares of Adobe Inc. (NASDAQ:ADBE)

Independent Advisor Alliance grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 42.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,661 shares of the software company’s stock after buying an additional 7,963 shares during the period. Independent Advisor Alliance’s holdings in Adobe were worth $11,855,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB boosted its holdings in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after buying an additional 570 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after buying an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc boosted its holdings in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after buying an additional 2,113 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. Mizuho dropped their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Piper Sandler lowered their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets set a $515.00 price target on Adobe and gave the stock an “outperform” rating in a research report on Friday. Finally, Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $563.96.

Insider Buying and Selling

In other news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $435.08 on Tuesday. The firm’s 50 day moving average price is $439.35 and its 200-day moving average price is $485.74. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. 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 $189.44 billion, a PE ratio of 35.09, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current 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.