Sitrin Capital Management LLC Acquires 60 Shares of Adobe Inc. (NASDAQ:ADBE)

Sitrin Capital Management LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.6% in the fourth quarter, Holdings Channel reports. The fund owned 10,597 shares of the software company’s stock after purchasing an additional 60 shares during the quarter. Adobe makes up 2.4% of Sitrin Capital Management LLC’s holdings, making the stock its 23rd biggest holding. Sitrin Capital Management LLC’s holdings in Adobe were worth $4,712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. JFG Wealth Management LLC purchased a new position in Adobe during the fourth quarter worth $730,000. Kirtland Hills Capital Management LLC lifted its holdings in shares of Adobe by 61.8% in the 4th quarter. Kirtland Hills Capital Management LLC now owns 1,272 shares of the software company’s stock worth $566,000 after acquiring an additional 486 shares during the last quarter. ARK Investment Management LLC boosted its stake in shares of Adobe by 219.9% during the 4th quarter. ARK Investment Management LLC now owns 483 shares of the software company’s stock worth $215,000 after purchasing an additional 332 shares during the period. FFT Wealth Management LLC grew its holdings in Adobe by 5.1% during the 4th quarter. FFT Wealth Management LLC now owns 1,145 shares of the software company’s stock valued at $509,000 after purchasing an additional 56 shares during the last quarter. Finally, Longbow Finance SA raised its position in Adobe by 5.0% in the 4th quarter. Longbow Finance SA now owns 14,170 shares of the software company’s stock worth $6,301,000 after purchasing an additional 671 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 Performance

ADBE stock opened at $443.41 on Wednesday. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The firm has a market cap of $193.02 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 2.15 and a beta of 1.31. 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 firm has a 50-day simple moving average of $439.88 and a two-hundred day simple moving average of $492.62.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’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 company posted $3.52 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a 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 note on Monday, December 9th. Oppenheimer lowered their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on 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.