Cookson Peirce & Co. Inc. Has $13.60 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cookson Peirce & Co. Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 29.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,792 shares of the software company’s stock after purchasing an additional 5,138 shares during the period. Cookson Peirce & Co. Inc.’s holdings in Adobe were worth $13,598,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at approximately $1,757,029,000. Moneta Group Investment Advisors LLC grew its position in shares of Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after purchasing an additional 3,245,427 shares during the period. Concentrum Wealth Management grew its position in shares of Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. Morgan Stanley grew its position in shares of Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after purchasing an additional 1,471,861 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Adobe in the 4th quarter valued at approximately $875,592,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold a total of 3,063 shares of company stock worth $1,853,025 in the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $7.05 on Tuesday, hitting $477.15. The company’s stock had a trading volume of 1,705,132 shares, compared to its average volume of 3,599,752. The company has a 50-day simple moving average of $538.63 and a 200 day simple moving average of $567.86. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a market capitalization of $213.76 billion, a PE ratio of 45.19, a PEG ratio of 2.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.97 EPS. Sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. HSBC cut their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Mizuho reissued a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Piper Sandler Companies dropped their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

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.