Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 76.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,381 shares of the software company’s stock after purchasing an additional 9,289 shares during the period. Great Lakes Advisors LLC’s holdings in Adobe were worth $9,508,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Swedbank AB lifted its stake in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank lifted its stake in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Nations Financial Group Inc. IA ADV lifted its stake in shares of Adobe by 2.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 2,497 shares of the software company’s stock worth $1,293,000 after acquiring an additional 64 shares during the period. Harbour Investments Inc. lifted its stake in shares of Adobe by 194.1% in the 3rd quarter. Harbour Investments Inc. now owns 3,397 shares of the software company’s stock worth $1,759,000 after acquiring an additional 2,242 shares during the period. Finally, RPG Investment Advisory LLC lifted its stake in shares of Adobe by 0.9% in the 3rd quarter. RPG Investment Advisory LLC now owns 23,272 shares of the software company’s stock worth $12,050,000 after acquiring an additional 204 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $563.96.

Adobe Trading Up 1.1 %

Shares of NASDAQ ADBE opened at $438.60 on Thursday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a market cap of $190.97 billion, a PE ratio of 35.37, a P/E/G ratio of 2.15 and a beta of 1.37. 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 company has a 50-day moving average of $439.01 and a two-hundred day moving average of $484.54.

Adobe (NASDAQ:ADBE) last announced its 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. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last ninety days. Insiders own 0.15% of the company’s stock.

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.