Parkside Investments LLC Acquires 700 Shares of Adobe Inc. (NASDAQ:ADBE)

Parkside Investments LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 53.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,000 shares of the software company’s stock after acquiring an additional 700 shares during the quarter. Parkside Investments LLC’s holdings in Adobe were worth $889,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC purchased a new position in Adobe during the third quarter worth about $26,000. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new stake in shares of Adobe during the third quarter valued at approximately $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $435.38 on Monday. 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 stock has a 50-day moving average price of $468.14 and a 200-day moving average price of $507.26. The company has a market cap of $189.52 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.52 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Piper Sandler lowered their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Mizuho decreased their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned 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, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.