Haven Private LLC Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Haven Private LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, Holdings Channel reports. The fund purchased 2,167 shares of the software company’s stock, valued at approximately $964,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB boosted its stake in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its position in shares of Adobe by 11.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 2,000 shares of the software company’s stock valued at $1,036,000 after acquiring an additional 198 shares during the period. Beacon Financial Advisory LLC raised its holdings in Adobe by 4.8% during the third quarter. Beacon Financial Advisory LLC now owns 498 shares of the software company’s stock worth $258,000 after buying an additional 23 shares during the last quarter. Radnor Capital Management LLC acquired a new position in Adobe during the third quarter worth $220,000. Finally, Concurrent Investment Advisors LLC raised its holdings in Adobe by 10.0% during the third quarter. Concurrent Investment Advisors LLC now owns 4,153 shares of the software company’s stock worth $2,150,000 after buying an additional 378 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ADBE shares. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. BMO Capital Markets reduced their price target on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Citigroup cut their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Finally, Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report 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 issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Adobe Stock Down 1.4 %

Shares of NASDAQ:ADBE opened at $444.78 on Friday. Adobe Inc. has a 1 year low of $403.75 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’s 50-day moving average is $439.51 and its 200 day moving average is $488.46. The company has a market cap of $193.61 billion, a PE ratio of 35.87, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $5.54 billion. During the same period in the previous year, the firm earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now 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. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.15% of the company’s stock.

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.