Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Chicago Capital LLC

Chicago Capital LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% during the first quarter, Holdings Channel.com reports. The fund owned 39,867 shares of the software company’s stock after acquiring an additional 1,048 shares during the quarter. Chicago Capital LLC’s holdings in Adobe were worth $15,290,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Sepio Capital LP raised its holdings in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank grew 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 buying an additional 22 shares during the last quarter. Eagle Strategies LLC grew its position in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after buying an additional 22 shares during the last quarter. RB Capital Management LLC increased its holdings in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after acquiring an additional 23 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired 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 of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE opened at $401.73 on Tuesday. The firm has a market cap of $171.22 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company’s fifty day moving average is $388.00 and its 200-day moving average is $419.64. 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 12 month low of $332.01 and a 12 month high of $587.75.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ADBE shares. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a report on Friday. Piper Sandler decreased their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $494.67.

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.