Haven Capital Group Inc. Acquires New Position in Adobe Inc. (NASDAQ:ADBE)

Haven Capital Group Inc. acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,348 shares of the software company’s stock, valued at approximately $3,268,000. Adobe comprises approximately 3.1% of Haven Capital Group Inc.’s holdings, making the stock its 12th biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC bought a new position in shares of Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment grew its holdings in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC grew its holdings 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 during the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was 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 owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. Insiders own 0.16% of the company’s stock.

Adobe Trading Up 1.2 %

NASDAQ ADBE opened at $399.34 on Tuesday. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $173.88 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm’s fifty day simple moving average is $436.39 and its 200-day simple moving average is $480.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ADBE. 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 report on Thursday, December 12th. Wells Fargo & Company reduced their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $540.60.

Adobe 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.