OneAscent Financial Services LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

OneAscent Financial Services LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 25.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,034 shares of the software company’s stock after buying an additional 209 shares during the quarter. OneAscent Financial Services LLC’s holdings in Adobe were worth $460,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. United Bank boosted its stake in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Adobe in the third quarter worth $719,000. IHT Wealth Management LLC boosted its position in shares of Adobe by 9.0% during the third quarter. IHT Wealth Management LLC now owns 4,907 shares of the software company’s stock worth $2,531,000 after acquiring an additional 406 shares during the last quarter. Reynders McVeigh Capital Management LLC grew its stake in Adobe by 9.8% during the third quarter. Reynders McVeigh Capital Management LLC now owns 1,130 shares of the software company’s stock valued at $585,000 after acquiring an additional 101 shares in the last quarter. Finally, Quarry LP lifted its stake in Adobe by 445.2% in the 3rd quarter. Quarry LP now owns 229 shares of the software company’s stock worth $119,000 after purchasing an additional 187 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company reduced their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. BMO Capital Markets reduced their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Barclays reduced their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Trading Down 4.8 %

Shares of ADBE opened at $367.25 on Friday. The firm has a market capitalization of $156.52 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 2.15 and a beta of 1.49. 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 1-year low of $363.80 and a 1-year high of $587.75. The company has a 50-day moving average of $427.38 and a 200 day moving average of $465.15.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates 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 previous year, the business earned $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.