Adobe Inc. (NASDAQ:ADBE) Shares Bought by Eastover Investment Advisors LLC

Eastover Investment Advisors LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,698 shares of the software company’s stock after buying an additional 150 shares during the period. Adobe accounts for approximately 0.7% of Eastover Investment Advisors LLC’s holdings, making the stock its 29th biggest holding. Eastover Investment Advisors LLC’s holdings in Adobe were worth $1,418,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Siemens Fonds Invest GmbH grew its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares during the period. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter valued at $28,000. Copia Wealth Management acquired a new stake in Adobe in the 4th quarter valued at $28,000. Summit Securities Group LLC acquired a new stake in Adobe in the 4th quarter valued at $31,000. Finally, Caitlin John LLC raised its position in Adobe by 171.4% in the fourth 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. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. DA Davidson lowered their target price on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Robert W. Baird decreased their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Mizuho lowered their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. UBS Group dropped their price objective on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Eleven 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $502.88.

Adobe Stock Performance

Shares of ADBE opened at $413.36 on Friday. The stock has a market capitalization of $176.17 billion, a PE ratio of 33.34, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business’s fifty day moving average price is $378.87 and its 200 day moving average price is $429.47. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12-month low of $332.01 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.66 billion. During the same period last year, the firm posted $4.48 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost 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 of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

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.