David A. Ricks Buys 2,250 Shares of Adobe Inc. (NASDAQ:ADBE) Stock

Adobe Inc. (NASDAQ:ADBE) Director David A. Ricks bought 2,250 shares of Adobe 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 purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Adobe Stock Performance

NASDAQ:ADBE traded up $4.32 during mid-day trading on Thursday, hitting $446.00. 3,284,014 shares of the company’s stock traded hands, compared to its average volume of 3,966,982. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $464.63 and a two-hundred day moving average of $505.15. The firm has a market capitalization of $194.14 billion, a price-to-earnings ratio of 35.97, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. BMO Capital Markets dropped their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. DA Davidson reduced their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Opes Wealth Management LLC grew its holdings in shares of Adobe by 17.1% during the 4th quarter. Opes Wealth Management LLC now owns 1,253 shares of the software company’s stock worth $557,000 after purchasing an additional 183 shares in the last quarter. Copperleaf Capital LLC boosted its stake in Adobe by 49.9% during the fourth quarter. Copperleaf Capital LLC now owns 2,173 shares of the software company’s stock worth $966,000 after buying an additional 723 shares in the last quarter. WD Rutherford LLC increased its holdings in Adobe by 6.1% in the 4th quarter. WD Rutherford LLC now owns 8,317 shares of the software company’s stock valued at $3,698,000 after buying an additional 478 shares during the period. Sheaff Brock Investment Advisors LLC raised its stake in shares of Adobe by 3.2% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 6,736 shares of the software company’s stock valued at $2,995,000 after buying an additional 208 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new stake in Adobe in the fourth quarter valued at about $24,927,000. 81.79% of the stock is currently owned by institutional investors.

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.