MYDA Advisors LLC Invests $489,000 in Adobe Inc. (NASDAQ:ADBE)

MYDA Advisors LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,100 shares of the software company's stock, valued at approximately $489,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ADBE. Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the 4th quarter worth about $31,000. Summit Securities Group LLC bought a new position in shares of Adobe during the 4th quarter valued at approximately $31,000. Caitlin John LLC increased its stake in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after purchasing an additional 48 shares during the last quarter. Avion Wealth raised its holdings in shares of Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after purchasing an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC lifted its stake in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE traded up $8.95 during mid-day trading on Thursday, reaching $360.91. The stock had a trading volume of 3,080,378 shares, compared to its average volume of 3,424,971. The firm has a market cap of $153.82 billion, a price-to-earnings ratio of 29.11, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The business has a fifty day moving average of $396.80 and a 200 day moving average of $447.18. 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 - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $4.48 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the business's stock in a transaction 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 sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business'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 completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Insiders own 0.16% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company lowered their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday. Evercore ISI dropped their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Oppenheimer dropped their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $502.88.

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.