Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Relyea Zuckerberg Hanson LLC

Relyea Zuckerberg Hanson LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 17.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,366 shares of the software company’s stock after acquiring an additional 199 shares during the period. Relyea Zuckerberg Hanson LLC’s holdings in Adobe were worth $607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. CNB Bank lifted its holdings in shares of Adobe by 4.7% in the 4th quarter. CNB Bank now owns 2,243 shares of the software company’s stock worth $997,000 after purchasing an additional 100 shares during the last quarter. Avanza Fonder AB acquired a new stake in Adobe in the fourth quarter worth $13,461,000. Tompkins Financial Corp increased its position in Adobe by 3.4% in the fourth quarter. Tompkins Financial Corp now owns 13,803 shares of the software company’s stock worth $6,138,000 after buying an additional 453 shares during the period. Woodstock Corp lifted its stake in Adobe by 3.9% in the fourth quarter. Woodstock Corp now owns 967 shares of the software company’s stock valued at $430,000 after buying an additional 36 shares during the last quarter. Finally, First Pacific Financial boosted its holdings in shares of Adobe by 7.1% during the fourth quarter. First Pacific Financial now owns 2,656 shares of the software company’s stock valued at $1,181,000 after acquiring an additional 177 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.7 %

Shares of NASDAQ ADBE traded up $3.18 during mid-day trading on Friday, hitting $430.11. 559,639 shares of the company traded hands, compared to its average volume of 3,827,885. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The stock has a market capitalization of $189.34 billion, a price-to-earnings ratio of 34.71, a PEG ratio of 1.97 and a beta of 1.31. The business has a 50 day moving average of $479.32 and a two-hundred day moving average of $514.33.

Adobe (NASDAQ:ADBE) last released its earnings results 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 net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the firm posted $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock worth $893,665 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, BMO Capital Markets reduced their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.