Sitrin Capital Management LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Sitrin Capital Management LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,597 shares of the software company’s stock after purchasing an additional 60 shares during the quarter. Adobe comprises 2.4% of Sitrin Capital Management LLC’s portfolio, making the stock its 23rd largest position. Sitrin Capital Management LLC’s holdings in Adobe were worth $4,712,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp boosted its stake in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. Geode Capital Management LLC raised its holdings in Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after buying an additional 147,981 shares during the last quarter. FMR LLC lifted its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after buying an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $443.41 on Wednesday. The firm has a market cap of $193.02 billion, a P/E ratio of 35.76, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a 50 day simple moving average of $439.88 and a two-hundred day simple moving average of $492.62. 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 (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the business posted $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ADBE shares. Wells Fargo & Company lowered their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Piper Sandler lowered their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 target price on shares of Adobe in a research report on Thursday, February 13th. Finally, StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

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.