Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Davis Capital Management

by · The Cerbat Gem

Davis Capital Management lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 23.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,567 shares of the software company’s stock after purchasing an additional 666 shares during the period. Adobe comprises approximately 1.1% of Davis Capital Management’s holdings, making the stock its 27th biggest holding. Davis Capital Management’s holdings in Adobe were worth $1,368,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Sepio Capital LP increased its stake in shares of Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank lifted its position in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC boosted its stake in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC boosted its stake in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC increased its position in shares of Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.3%

ADBE stock opened at $415.20 on Friday. The company has a 50 day moving average of $380.73 and a two-hundred day moving average of $425.81. The company has a market cap of $176.96 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business 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 period last year, the company earned $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADBE shares. Stifel Nicolaus cut their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. BMO Capital Markets reduced their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group dropped their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, UBS Group cut their target price on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Eleven research 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $502.88.

View Our Latest Research Report on Adobe

Adobe Company Profile

(Free Report)

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.

Further Reading

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