Clare Market Investments LLC Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Clare Market Investments LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,100 shares of the software company’s stock, valued at approximately $934,000.

Other institutional investors also recently bought and sold shares of the company. Independent Advisor Alliance increased its position in shares of Adobe by 42.6% in the fourth quarter. Independent Advisor Alliance now owns 26,661 shares of the software company’s stock valued at $11,855,000 after buying an additional 7,963 shares in the last quarter. Paragon Private Wealth Management LLC increased its position in shares of Adobe by 7.4% in the fourth quarter. Paragon Private Wealth Management LLC now owns 1,897 shares of the software company’s stock valued at $844,000 after buying an additional 130 shares in the last quarter. Meriwether Wealth & Planning LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $309,000. Johnson Investment Counsel Inc. increased its position in shares of Adobe by 2.4% in the fourth quarter. Johnson Investment Counsel Inc. now owns 145,126 shares of the software company’s stock valued at $64,535,000 after buying an additional 3,431 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Adobe by 11.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company’s stock valued at $114,879,000 after buying an additional 25,543 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADBE. Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Piper Sandler lowered 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. Oppenheimer lowered their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $567.81.

Adobe Price Performance

ADBE stock opened at $449.40 on Monday. 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 company has a market capitalization of $195.67 billion, a PE ratio of 36.24, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The business’s fifty day moving average price is $439.56 and its 200 day moving average price is $486.60.

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 45.87% and a net margin of 25.85%. The company 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 earned $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.15% of the stock is owned by company insiders.

Adobe 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.