Stevens Capital Management LP Acquires 2,148 Shares of Adobe Inc. (NASDAQ:ADBE)

Stevens Capital Management LP raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 78.0% during the fourth quarter, Holdings Channel reports. The fund owned 4,902 shares of the software company’s stock after buying an additional 2,148 shares during the period. Adobe comprises about 0.9% of Stevens Capital Management LP’s investment portfolio, making the stock its 20th biggest position. Stevens Capital Management LP’s holdings in Adobe were worth $2,180,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter valued at approximately $26,000. True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Decker Retirement Planning Inc. bought a new position in shares of Adobe in the fourth quarter worth approximately $31,000. Caitlin John LLC grew its holdings in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the last quarter. Finally, Mascoma Wealth Management LLC grew its holdings in shares of Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after purchasing an additional 50 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 0.6 %

Shares of NASDAQ:ADBE opened at $387.26 on Friday. The stock has a 50 day moving average of $434.16 and a 200 day moving average of $475.80. The company has a market cap of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth 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. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping 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 company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the firm earned $4.48 EPS. As a group, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Morgan Stanley cut their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday. Finally, Piper Sandler cut their price target 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. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $538.80.

Insider Buying and Selling

In other news, Director David A. Ricks bought 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Adobe 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.