Patriot Financial Group Insurance Agency LLC Has $1.12 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Patriot Financial Group Insurance Agency LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,924 shares of the software company’s stock after purchasing an additional 249 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Adobe were worth $1,121,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH lifted its stake in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new stake in shares of Adobe in the fourth quarter worth $28,000. Copia Wealth Management bought a new stake in shares of Adobe in the fourth quarter worth $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth $31,000. Finally, Bernard Wealth Management Corp. bought a new position in Adobe in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $416.92 on Monday. The firm has a 50-day moving average price of $381.41 and a two-hundred day moving average price of $424.16. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a market capitalization of $177.69 billion, a P/E ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. 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) last issued its quarterly earnings results 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the company posted $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ADBE shares. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Robert W. Baird decreased their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. UBS Group cut their price objective on Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Finally, Wells Fargo & Company lowered their target price on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Eleven 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 company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $502.88.

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.