Moss Adams Wealth Advisors LLC Acquires 963 Shares of Adobe Inc. (NASDAQ:ADBE)

Moss Adams Wealth Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 80.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,161 shares of the software company’s stock after buying an additional 963 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in Adobe were worth $961,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC grew its position in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Longview Partners Guernsey LTD bought a new position in Adobe in the 2nd quarter worth about $663,745,000. FMR LLC boosted its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Assenagon Asset Management S.A. grew its holdings in Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of Adobe during the third quarter valued at about $126,703,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADBE shares. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets dropped 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. Finally, Wells Fargo & Company decreased their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $429.99 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The company has a 50 day simple moving average of $476.55 and a two-hundred day simple moving average of $512.82. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a market capitalization of $189.28 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate 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 prior year, the firm posted $3.52 EPS. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated 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 owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is owned by corporate insiders.

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.