Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,986 shares of the software company’s stock after buying an additional 101 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Adobe were worth $5,330,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Summit Securities Group LLC acquired a new stake in Adobe in the 4th quarter worth about $31,000. Caitlin John LLC boosted its stake in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the last quarter. Avion Wealth boosted its stake in Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after buying an additional 46 shares during the last quarter. Mascoma Wealth Management LLC boosted its stake in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA acquired a new position in shares of Adobe in the 4th quarter valued at about $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. UBS Group reduced their price objective on Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. BMO Capital Markets reduced their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Oppenheimer reduced their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Robert W. Baird reduced their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Eleven equities 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $502.88.

Adobe Price Performance

ADBE stock opened at $417.13 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock’s 50 day moving average is $375.68 and its two-hundred day moving average is $433.63. The company has a market capitalization of $177.78 billion, a PE ratio of 33.64, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping 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 company 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 EPS. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

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.