Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Torray Investment Partners LLC

Torray Investment Partners LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,617 shares of the software company’s stock after acquiring an additional 215 shares during the quarter. Torray Investment Partners LLC’s holdings in Adobe were worth $6,055,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in Adobe by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares in the last quarter. NBW Capital LLC purchased a new position in Adobe in the fourth quarter worth $1,465,000. Bedel Financial Consulting Inc. raised its position in Adobe by 3.5% in the fourth quarter. Bedel Financial Consulting Inc. now owns 1,468 shares of the software company’s stock worth $642,000 after acquiring an additional 49 shares in the last quarter. Steward Partners Investment Advisory LLC raised its position in Adobe by 1.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 33,372 shares of the software company’s stock worth $14,840,000 after acquiring an additional 608 shares in the last quarter. Finally, Unified Investment Management purchased a new position in Adobe in the fourth quarter worth $611,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ADBE shares. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Adobe Stock Up 0.5 %

Shares of NASDAQ:ADBE opened at $440.72 on Tuesday. The stock’s 50-day moving average price is $439.59 and its two-hundred day moving average price is $489.79. 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 Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The firm has a market cap of $191.85 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last three months. Corporate 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.