Haven Private LLC Takes $964,000 Position in Adobe Inc. (NASDAQ:ADBE)

Haven Private LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,167 shares of the software company’s stock, valued at approximately $964,000.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ADBE shares. UBS Group cut their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $570.88.

Adobe Stock Performance

Shares of ADBE opened at $444.78 on Friday. The firm has a 50-day moving average of $439.51 and a 200-day moving average of $488.46. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company has a market cap of $193.61 billion, a PE ratio of 35.87, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted 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. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.52 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents 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 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

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.