Virtus Investment Advisers Inc. Has $239,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Virtus Investment Advisers Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE) by 35.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 537 shares of the software company’s stock after selling 300 shares during the quarter. Virtus Investment Advisers Inc.’s holdings in Adobe were worth $239,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new position in Adobe during the 4th quarter worth about $31,000. Caitlin John LLC increased its position in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the period. Mascoma Wealth Management LLC raised its holdings in Adobe by 142.9% during the 4th 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. LFA Lugano Financial Advisors SA acquired a new position in shares of Adobe in the 4th quarter worth approximately $38,000. Finally, Avion Wealth boosted its stake in shares of Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after purchasing an additional 46 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by insiders.

Adobe Price Performance

Shares of ADBE stock opened at $417.13 on Monday. 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 company has a market capitalization of $177.78 billion, a P/E ratio of 33.64, a P/E/G ratio of 2.15 and a beta of 1.55. The company’s 50-day simple moving average is $375.68 and its two-hundred day simple moving average is $433.63. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company posted $4.48 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on ADBE shares. Piper Sandler decreased their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Bank of America reduced their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Finally, BMO Capital Markets reduced their target price on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $502.88.

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.