Intellus Advisors LLC Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Intellus Advisors LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,796 shares of the software company’s stock, valued at approximately $799,000.

Several other large investors have also recently bought and sold shares of the stock. American Century Companies Inc. boosted its holdings in shares of Adobe by 16.6% in the fourth quarter. American Century Companies Inc. now owns 449,889 shares of the software company’s stock valued at $200,057,000 after acquiring an additional 63,991 shares in the last quarter. Geo Capital Gestora de Recursos Ltd lifted its position in Adobe by 477.5% in the fourth quarter. Geo Capital Gestora de Recursos Ltd now owns 4,857 shares of the software company’s stock worth $2,160,000 after purchasing an additional 4,016 shares during the period. Mizuho Securities USA LLC lifted its position in Adobe by 45.1% in the fourth quarter. Mizuho Securities USA LLC now owns 41,721 shares of the software company’s stock worth $18,552,000 after purchasing an additional 12,969 shares during the period. Fi3 FINANCIAL ADVISORS LLC increased its position in shares of Adobe by 20.8% during the 4th quarter. Fi3 FINANCIAL ADVISORS LLC now owns 547 shares of the software company’s stock valued at $243,000 after purchasing an additional 94 shares during the period. Finally, Virtu Financial LLC raised its stake in shares of Adobe by 198.8% in the 4th quarter. Virtu Financial LLC now owns 24,045 shares of the software company’s stock worth $10,692,000 after buying an additional 15,997 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADBE. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday. Morgan Stanley lowered their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Citigroup decreased their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Finally, Oppenheimer cut their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $538.80.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $387.26 on Friday. The firm has a market cap of $168.62 billion, a P/E ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37. 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 fifty-two week low of $374.50 and a fifty-two week high of $587.75. The stock’s 50-day moving average is $434.16 and its two-hundred day moving average is $476.46.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company posted $4.48 earnings per share. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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.