Stoneridge Investment Partners LLC Purchases 1,518 Shares of Adobe Inc. (NASDAQ:ADBE)

Stoneridge Investment Partners LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 21.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,553 shares of the software company’s stock after purchasing an additional 1,518 shares during the quarter. Adobe makes up approximately 1.4% of Stoneridge Investment Partners LLC’s holdings, making the stock its 22nd largest holding. Stoneridge Investment Partners LLC’s holdings in Adobe were worth $3,803,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Thompson Investment Management Inc. raised its holdings in Adobe by 50.8% in the fourth quarter. Thompson Investment Management Inc. now owns 14,486 shares of the software company’s stock worth $6,442,000 after purchasing an additional 4,882 shares in the last quarter. Entropy Technologies LP increased its stake in shares of Adobe by 68.8% in the 4th quarter. Entropy Technologies LP now owns 28,011 shares of the software company’s stock worth $12,456,000 after acquiring an additional 11,415 shares in the last quarter. Empowered Funds LLC lifted its position in Adobe by 22.8% during the 4th quarter. Empowered Funds LLC now owns 15,391 shares of the software company’s stock valued at $6,844,000 after acquiring an additional 2,853 shares during the period. Hobart Private Capital LLC boosted its stake in 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 in the last quarter. Finally, Forbes J M & Co. LLP grew its holdings in Adobe by 2.3% in the fourth quarter. Forbes J M & Co. LLP now owns 30,424 shares of the software company’s stock worth $13,529,000 after purchasing an additional 697 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ADBE shares. DA Davidson dropped their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets lowered their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Piper Sandler cut their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Oppenheimer reduced their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.5 %

NASDAQ ADBE opened at $433.07 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $628.07. The stock’s 50 day moving average is $453.92 and its 200 day moving average is $499.63. The stock has a market cap of $188.52 billion, a PE ratio of 34.93, a P/E/G ratio of 2.11 and a beta of 1.31.

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

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.