Entropy Technologies LP Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Entropy Technologies LP raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 68.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,011 shares of the software company’s stock after acquiring an additional 11,415 shares during the quarter. Adobe makes up 1.3% of Entropy Technologies LP’s holdings, making the stock its 3rd largest holding. Entropy Technologies LP’s holdings in Adobe were worth $12,456,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Empowered Funds LLC grew its stake in shares of Adobe by 22.8% during the fourth quarter. Empowered Funds LLC now owns 15,391 shares of the software company’s stock worth $6,844,000 after acquiring an additional 2,853 shares during the last quarter. Hobart Private Capital LLC grew its stake in shares of Adobe by 59.3% during the fourth quarter. Hobart Private Capital LLC now owns 682 shares of the software company’s stock worth $303,000 after acquiring an additional 254 shares during the last quarter. Forbes J M & Co. LLP grew its stake in shares of Adobe by 2.3% during the fourth quarter. Forbes J M & Co. LLP now owns 30,424 shares of the software company’s stock worth $13,529,000 after acquiring an additional 697 shares during the last quarter. Kingsview Wealth Management LLC grew its stake in shares of Adobe by 8.6% during the fourth quarter. Kingsview Wealth Management LLC now owns 18,626 shares of the software company’s stock worth $8,283,000 after acquiring an additional 1,476 shares during the last quarter. Finally, Chronos Wealth Management LLC grew its stake in shares of Adobe by 4.2% during the fourth quarter. Chronos Wealth Management LLC now owns 6,879 shares of the software company’s stock worth $3,059,000 after acquiring an additional 275 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 0.5 %

Shares of NASDAQ:ADBE opened at $433.07 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a fifty day moving average of $453.92 and a two-hundred day moving average of $499.63. The stock has a market cap of $188.52 billion, a P/E ratio of 34.93, a PEG ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $628.07.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $3.52 EPS. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. DA Davidson decreased their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein decreased their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.