Synergy Asset Management LLC Buys 764 Shares of Adobe Inc. (NASDAQ:ADBE)

Synergy Asset Management LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,215 shares of the software company's stock after buying an additional 764 shares during the period. Synergy Asset Management LLC's holdings in Adobe were worth $2,741,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Milestone Asset Management LLC acquired a new position in Adobe during the 4th quarter worth approximately $266,000. Kaufman Rossin Wealth LLC purchased a new position in shares of Adobe in the 4th quarter valued at $575,000. Hanson & Doremus Investment Management lifted its position in Adobe by 89.8% in the fourth quarter. Hanson & Doremus Investment Management now owns 317 shares of the software company's stock valued at $141,000 after acquiring an additional 150 shares during the last quarter. Plimoth Trust Co. LLC grew its holdings in shares of Adobe by 2.0% during the fourth quarter. Plimoth Trust Co. LLC now owns 7,974 shares of the software company's stock worth $3,546,000 after purchasing an additional 153 shares during the last quarter. Finally, Allen Capital Group LLC raised its stake in shares of Adobe by 32.9% during the fourth quarter. Allen Capital Group LLC now owns 4,264 shares of the software company's stock worth $1,896,000 after purchasing an additional 1,056 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE traded up $4.32 during mid-day trading on Thursday, hitting $446.00. The company's stock had a trading volume of 3,272,206 shares, compared to its average volume of 3,965,859. The stock has a market capitalization of $194.14 billion, a price-to-earnings ratio of 35.97, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50-day moving average price of $464.63 and a 200 day moving average price of $505.15.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company posted $3.52 EPS. The company's revenue was up 11.1% compared to the same quarter last year. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares of the company's stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. Piper Sandler cut 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. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Royal Bank of Canada decreased their price objective on Adobe from $610.00 to $590.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. Mizuho decreased 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. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. One equities 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $573.00.

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.