PAX Financial Group LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

PAX Financial Group LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 67.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,533 shares of the software company’s stock after purchasing an additional 615 shares during the period. PAX Financial Group LLC’s holdings in Adobe were worth $682,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Adobe in the fourth quarter worth about $2,553,035,000. Proficio Capital Partners LLC grew its stake in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Adobe during the 4th quarter worth approximately $243,827,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 5.0 %

Shares of NASDAQ:ADBE opened at $349.07 on Friday. 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 business has a 50 day simple moving average of $425.66 and a two-hundred day simple moving average of $463.96. Adobe Inc. has a 1 year low of $348.80 and a 1 year high of $587.75. The firm has a market capitalization of $148.77 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 EPS. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Citigroup lowered their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Bank of America lowered their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley dropped their price objective on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $531.54.

Insider Transactions at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

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.