New Age Alpha Advisors LLC Acquires Shares of 2,605 Adobe Inc. (NASDAQ:ADBE)

New Age Alpha Advisors LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, HoldingsChannel reports. The fund bought 2,605 shares of the software company’s stock, valued at approximately $1,158,000.

Several other institutional investors have also recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new stake in Adobe in the third quarter worth about $26,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Decker Retirement Planning Inc. bought a new position in Adobe in the 4th quarter valued at $31,000. Caitlin John LLC increased its stake in Adobe by 171.4% in the fourth 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 period. Finally, Mascoma Wealth Management LLC lifted its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after purchasing an additional 50 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s 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 sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was 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 currently owned by insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $383.53 on Tuesday. The company has a 50 day moving average price of $430.88 and a 200 day moving average price of $467.49. The firm has a market capitalization of $163.46 billion, a P/E ratio of 30.93, a PEG ratio of 2.15 and a beta of 1.37. 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 Inc. has a 52 week low of $374.50 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the company posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday. Wells Fargo & Company reduced their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. 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 report on Thursday, March 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $531.54.

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.