Riggs Capital Management LLC Purchases New Holdings in Adobe Inc. (NASDAQ:ADBE)

Riggs Capital Management LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, HoldingsChannel reports. The fund acquired 776 shares of the software company’s stock, valued at approximately $345,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Adobe in the fourth quarter valued at $2,553,035,000. Proficio Capital Partners LLC increased its holdings in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after acquiring an additional 952,233 shares during the period. Raymond James Financial Inc. purchased a new stake in Adobe during the fourth quarter valued at about $243,827,000. Finally, Assenagon Asset Management S.A. boosted its position in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ADBE. Bank of America lowered their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Piper Sandler reduced their price objective 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. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research note on Wednesday, January 15th. Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Finally, Barclays decreased their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $533.85.

Adobe Trading Down 2.6 %

NASDAQ ADBE opened at $385.71 on Monday. The stock has a 50-day moving average of $431.81 and a 200-day moving average of $468.92. 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 1-year low of $374.50 and a 1-year high of $587.75. The firm has a market cap of $164.39 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating 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 firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% 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.