NEOS Investment Management LLC Purchases 10,924 Shares of Adobe Inc. (NASDAQ:ADBE)

NEOS Investment Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 24.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,250 shares of the software company’s stock after acquiring an additional 10,924 shares during the period. Adobe comprises about 0.6% of NEOS Investment Management LLC’s investment portfolio, making the stock its 25th biggest holding. NEOS Investment Management LLC’s holdings in Adobe were worth $25,013,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC increased its position 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 valued at $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Adobe during the fourth quarter valued at approximately $243,827,000. Assenagon Asset Management S.A. increased its holdings in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd bought a new position in Adobe in the fourth quarter worth approximately $110,744,000. Finally, Erste Asset Management GmbH purchased a new position in shares of Adobe during the 3rd quarter worth $126,703,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. 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 three months. Corporate insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ADBE. Mizuho reduced their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Stifel Nicolaus reduced their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, Robert W. Baird lowered their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Eleven investment 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $533.85.

Adobe Stock Down 1.4 %

Shares of NASDAQ ADBE opened at $397.81 on Thursday. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The firm has a market capitalization of $173.21 billion, a price-to-earnings ratio of 32.08, a PEG ratio of 2.15 and a beta of 1.37. The stock has a 50 day moving average price of $433.31 and a 200 day moving average price of $472.23. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during 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 in the prior year, the business earned $4.48 EPS. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

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.