Lee Danner & Bass Inc. Invests $56,000 in Adobe Inc. (NASDAQ:ADBE)

Lee Danner & Bass Inc. acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 126 shares of the software company’s stock, valued at approximately $56,000.

Several other large investors have also modified their holdings of ADBE. Proficio Capital Partners LLC lifted its holdings in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the period. FMR LLC lifted its holdings in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Adobe during the 4th quarter worth about $243,827,000. Assenagon Asset Management S.A. lifted its holdings in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd purchased a new position in Adobe in the fourth quarter valued at approximately $110,744,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Stock Performance

Shares of ADBE opened at $387.26 on Friday. The business’s fifty day moving average price is $434.16 and its 200 day moving average price is $475.80. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The stock has a market capitalization of $168.62 billion, a PE ratio of 31.23, 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 announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the business posted $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Morgan Stanley cut their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Stifel Nicolaus cut their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. UBS Group set a $495.00 price target on shares of Adobe in a report on Thursday, March 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, BMO Capital Markets cut their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $538.80.

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.