Allen Capital Group LLC Acquires 1,056 Shares of Adobe Inc. (NASDAQ:ADBE)

Allen Capital Group LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,264 shares of the software company's stock after buying an additional 1,056 shares during the period. Allen Capital Group LLC's holdings in Adobe were worth $1,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after buying an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the third quarter valued at $26,000. Groupama Asset Managment raised its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC increased its position in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after purchasing an additional 34 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company's stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Mizuho lowered their price target on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $573.00.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $1.16 during midday trading on Wednesday, reaching $441.68. 2,993,831 shares of the company's stock traded hands, compared to its average volume of 4,004,716. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The company has a market cap of $192.26 billion, a price-to-earnings ratio of 35.62, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a 50 day moving average of $465.79 and a 200 day moving average of $505.60.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates 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 business earned $3.52 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.