New Age Alpha Advisors LLC Buys Shares of 2,605 Adobe Inc. (NASDAQ:ADBE)

New Age Alpha Advisors LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,605 shares of the software company's stock, valued at approximately $1,158,000.

Other institutional investors have also added to or reduced their stakes in the company. United Bank grew its position in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after purchasing an additional 428 shares in the last quarter. Edgestream Partners L.P. bought a new stake in Adobe during the 3rd quarter valued at about $719,000. Tradition Wealth Management LLC grew its holdings in Adobe by 2.8% during the 3rd quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company's stock worth $1,370,000 after acquiring an additional 73 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Adobe by 141.7% in the 3rd 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 period. Finally, FSA Wealth Management LLC bought a new position in shares of Adobe in the 3rd quarter worth $81,000. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by company insiders.

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Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Piper Sandler decreased their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research report on Thursday, December 12th. Robert W. Baird dropped their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Jefferies Financial Group decreased their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday. Wells Fargo & Company cut their price target on Adobe from $640.00 to $600.00 and set an "overweight" rating for the company in a research note on Friday, March 7th. Finally, Mizuho cut their price objective on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $531.54.

Adobe Trading Down 2.0 %

ADBE traded down $7.28 during midday trading on Friday, hitting $359.98. The company's stock had a trading volume of 1,618,447 shares, compared to its average volume of 3,333,475. The firm has a market cap of $153.42 billion, a P/E ratio of 28.98, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 52-week low of $353.12 and a 52-week high of $587.75. 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 firm has a 50-day moving average price of $427.38 and a two-hundred day moving average price of $465.15.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for 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 quarter last year, the firm earned $4.48 earnings per share. On average, research analysts anticipate 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.