Optas LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Optas LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 946 shares of the software company’s stock after purchasing an additional 62 shares during the period. Optas LLC’s holdings in Adobe were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC increased its holdings in Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after buying an additional 20 shares during the last quarter. Connable Office Inc. grew its position in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank increased its holdings in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the last quarter. James J. Burns & Company LLC raised its position in shares of Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after acquiring an additional 22 shares in the last quarter. Finally, Holistic Financial Partners lifted its stake in Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after purchasing an additional 22 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE opened at $438.60 on Tuesday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $634.59. The firm has a market cap of $190.92 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company has a 50-day moving average of $461.97 and a 200-day moving average of $502.99. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BMO Capital Markets decreased their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” 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 given 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction 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 transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

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.