2,534 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Tounjian Advisory Partners LLC

Tounjian Advisory Partners LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,534 shares of the software company’s stock, valued at approximately $972,000.

Several other hedge funds and other institutional investors have also modified their holdings of ADBE. Brighton Jones LLC raised its holdings in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after acquiring an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in Adobe during the fourth quarter valued at about $76,712,000. Vest Financial LLC raised its holdings in Adobe by 13.7% during the fourth quarter. Vest Financial LLC now owns 2,593 shares of the software company’s stock valued at $1,153,000 after buying an additional 312 shares in the last quarter. Empowered Funds LLC raised its holdings in Adobe by 22.8% during the fourth quarter. Empowered Funds LLC now owns 15,391 shares of the software company’s stock valued at $6,844,000 after buying an additional 2,853 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its holdings in Adobe by 2.4% during the fourth quarter. Kestra Private Wealth Services LLC now owns 13,271 shares of the software company’s stock valued at $5,901,000 after buying an additional 308 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Robert W. Baird cut their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Evercore ISI cut their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Finally, Wells Fargo & Company cut their target price on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $504.81.

Adobe Stock Down 0.2%

ADBE stock opened at $416.26 on Tuesday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $177.41 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business’s 50-day simple moving average is $382.02 and its 200 day simple moving average is $423.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 business 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 business earned $4.48 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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.