Cumberland Partners Ltd Has $3.26 Million Position in Adobe Inc. (NASDAQ:ADBE)

Cumberland Partners Ltd lifted its position in Adobe Inc. (NASDAQ:ADBE) by 166.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 7,320 shares of the software company’s stock after purchasing an additional 4,572 shares during the period. Cumberland Partners Ltd’s holdings in Adobe were worth $3,255,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC boosted its position in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. FMR LLC raised its stake in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the period. Assenagon Asset Management S.A. lifted its holdings 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 acquiring an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd acquired a new position in Adobe in the fourth quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Adobe in the third quarter worth about $126,703,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.5 %

Shares of Adobe stock opened at $456.99 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day simple moving average of $441.28 and a two-hundred day simple moving average of $494.89. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The company has a market capitalization of $198.93 billion, a price-to-earnings ratio of 36.85, a P/E/G ratio of 2.23 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during 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%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the business posted $3.52 earnings per share. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. BMO Capital Markets decreased their price objective on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research report on Wednesday. UBS Group reduced their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 price target on shares of Adobe in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $570.88.

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.