661 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Krane Funds Advisors LLC

Krane Funds Advisors LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 661 shares of the software company’s stock, valued at approximately $294,000.

Several other large investors also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC purchased a new position in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment grew its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. Decker Retirement Planning Inc. acquired a new position in shares of Adobe in the 4th quarter valued at $31,000. Summit Securities Group LLC acquired a new stake in Adobe during the 4th quarter worth $31,000. Finally, Caitlin John LLC grew its position in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup decreased their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Morgan Stanley lowered their target price on 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 price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets lowered their price objective on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Eleven equities 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $531.54.

Adobe Trading Down 5.0 %

Shares of ADBE stock opened at $349.07 on Monday. Adobe Inc. has a twelve month low of $333.36 and a twelve month high of $587.75. The company has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The firm has a 50-day moving average price of $425.66 and a 200 day moving average price of $463.29. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the firm posted $4.48 earnings per share. Research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated 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 in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.16% of the stock is currently owned by insiders.

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.