First Financial Bankshares Inc Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

First Financial Bankshares Inc grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 411.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,390 shares of the software company’s stock after acquiring an additional 31,693 shares during the period. First Financial Bankshares Inc’s holdings in Adobe were worth $17,516,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ADBE. Generali Investments Management Co LLC purchased a new stake in Adobe in the 4th quarter worth approximately $3,025,000. GM Advisory Group LLC bought a new position in shares of Adobe during the fourth quarter valued at approximately $355,000. Harvest Fund Management Co. Ltd lifted its stake in Adobe by 10.0% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 25,969 shares of the software company’s stock worth $11,426,000 after acquiring an additional 2,359 shares during the period. Vinva Investment Management Ltd boosted its holdings in Adobe by 6.6% in the fourth quarter. Vinva Investment Management Ltd now owns 21,913 shares of the software company’s stock valued at $9,769,000 after acquiring an additional 1,362 shares in the last quarter. Finally, Bank of Marin boosted its holdings in Adobe by 12.3% in the fourth quarter. Bank of Marin now owns 2,164 shares of the software company’s stock valued at $962,000 after acquiring an additional 237 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 2.0 %

Shares of ADBE opened at $391.37 on Wednesday. The business’s 50 day simple moving average is $435.77 and its 200-day simple moving average is $479.02. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. 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 stock has a market capitalization of $170.40 billion, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $4.48 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last 90 days. Company insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Evercore ISI dropped their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Piper Sandler lowered their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. UBS Group set a $495.00 target price on Adobe in a report on Thursday, March 13th. DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Mizuho reduced their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $542.00.

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.