Dana Investment Advisors Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Dana Investment Advisors Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 11.2% in the 4th quarter, Holdings Channel reports. The firm owned 53,999 shares of the software company’s stock after purchasing an additional 5,451 shares during the period. Adobe accounts for approximately 0.8% of Dana Investment Advisors Inc.’s portfolio, making the stock its 20th largest position. Dana Investment Advisors Inc.’s holdings in Adobe were worth $24,012,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Vision Financial Markets LLC purchased a new stake in shares of Adobe during the fourth quarter worth approximately $923,000. Arizona State Retirement System boosted its stake in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares during the last quarter. Aigen Investment Management LP acquired a new position in Adobe during the fourth quarter worth $2,634,000. Proficio Capital Partners LLC boosted its stake in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after buying an additional 1,083 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in Adobe by 66.3% during the fourth quarter. Assetmark Inc. now owns 33,787 shares of the software company’s stock worth $15,024,000 after buying an additional 13,464 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Oppenheimer lowered their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $451.24 on Thursday. The stock’s 50-day moving average is $439.61 and its two-hundred day moving average is $488.77. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a market cap of $196.42 billion, a price-to-earnings ratio of 36.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the business posted $3.52 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last quarter. 0.15% of the stock is owned by insiders.

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.