Rafferty Asset Management LLC Purchases 5,187 Shares of Adobe Inc. (NASDAQ:ADBE)

Rafferty Asset Management LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 180,402 shares of the software company’s stock after acquiring an additional 5,187 shares during the quarter. Rafferty Asset Management LLC’s holdings in Adobe were worth $80,221,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sepio Capital LP lifted its position in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares during the last quarter. Cadence Bank boosted its stake in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC increased its stake in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after buying an additional 22 shares during the period. Foster Group Inc. increased its stake in shares of Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after buying an additional 23 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC increased its stake in shares of Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after buying an additional 23 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. DA Davidson dropped their price target on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Finally, Morgan Stanley dropped their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of ADBE stock opened at $399.47 on Thursday. The company has a market capitalization of $170.25 billion, a PE ratio of 32.22, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm’s 50-day moving average is $376.62 and its two-hundred day moving average is $435.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the business posted $4.48 EPS. Analysts predict 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.