Cape Investment Advisory Inc. Has $1.15 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Cape Investment Advisory Inc. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,591 shares of the software company's stock after acquiring an additional 666 shares during the period. Cape Investment Advisory Inc.'s holdings in Adobe were worth $1,152,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADBE. Connable Office Inc. lifted its position in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock worth $1,932,000 after purchasing an additional 20 shares in the last quarter. 1ST Source Bank increased its stake in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock worth $1,496,000 after buying an additional 20 shares during the period. James J. Burns & Company LLC lifted its holdings in Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company's stock worth $215,000 after buying an additional 22 shares in the last quarter. Holistic Financial Partners boosted its position in Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company's stock valued at $200,000 after buying an additional 22 shares during the last quarter. Finally, Latitude Advisors LLC grew its stake in shares of Adobe by 4.3% during the third quarter. Latitude Advisors LLC now owns 555 shares of the software company's stock valued at $287,000 after acquiring an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the business's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction that occurred on 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 $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 a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. Stifel Nicolaus cut their price target on Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Finally, TD Cowen downgraded shares of Adobe from a "buy" rating to a "hold" rating and dropped their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $570.88.

Adobe Price Performance

ADBE stock traded up $1.30 during trading on Friday, hitting $438.49. The company had a trading volume of 3,936,248 shares, compared to its average volume of 3,474,121. The firm has a market capitalization of $190.87 billion, a price-to-earnings ratio of 35.36, a P/E/G ratio of 2.15 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $439.71 and a 200 day moving average of $490.93. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (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 analysts' expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business's revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $3.52 earnings per share. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Company 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.