Broyhill Asset Management Takes $297,000 Position in Adobe Inc. (NASDAQ:ADBE)

Broyhill Asset Management bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 667 shares of the software company’s stock, valued at approximately $297,000.

Other hedge funds have also recently bought and sold shares of the company. CreativeOne Wealth LLC grew its holdings in shares of Adobe by 0.3% during the fourth quarter. CreativeOne Wealth LLC now owns 8,555 shares of the software company’s stock worth $3,804,000 after buying an additional 28 shares in the last quarter. Mariner LLC boosted its position in Adobe by 1.7% during the 4th quarter. Mariner LLC now owns 386,282 shares of the software company’s stock worth $171,777,000 after acquiring an additional 6,625 shares during the last quarter. Cohen & Steers Inc. grew its stake in shares of Adobe by 6.6% during the 4th quarter. Cohen & Steers Inc. now owns 760 shares of the software company’s stock worth $338,000 after acquiring an additional 47 shares in the last quarter. Barr E S & Co. raised its holdings in shares of Adobe by 0.4% in the fourth quarter. Barr E S & Co. now owns 42,560 shares of the software company’s stock valued at $18,926,000 after purchasing an additional 155 shares during the last quarter. Finally, SageView Advisory Group LLC lifted its position in shares of Adobe by 14.0% in the fourth quarter. SageView Advisory Group LLC now owns 6,333 shares of the software company’s stock worth $2,816,000 after purchasing an additional 777 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the 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 transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last ninety days. 0.16% of the stock is owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley lowered their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. BMO Capital Markets lowered their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Evercore ISI cut their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $527.12.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $352.47 on Monday. The business has a fifty day moving average price of $413.00 and a two-hundred day moving average price of $455.28. The stock has a market capitalization of $150.22 billion, a PE ratio of 28.43, a P/E/G ratio of 2.15 and a beta of 1.49. 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 Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.