Claro Advisors LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Claro Advisors LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% in the fourth quarter, Holdings Channel reports. The fund owned 1,364 shares of the software company’s stock after purchasing an additional 38 shares during the quarter. Claro Advisors LLC’s holdings in Adobe were worth $607,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of ADBE. Piscataqua Savings Bank increased its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter worth about $26,000. Groupama Asset Managment increased its position in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the third quarter worth about $30,000. Finally, True Wealth Design LLC increased its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Oppenheimer reduced their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Royal Bank of Canada cut their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. UBS Group cut their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 0.6 %

Shares of NASDAQ ADBE opened at $408.50 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business’s 50 day moving average price is $482.55 and its 200-day moving average price is $516.02. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a market cap of $179.82 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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 return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the business posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 16.73 earnings per share 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.