Oak Asset Management LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Oak Asset Management LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 15.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 926 shares of the software company’s stock after acquiring an additional 121 shares during the period. Oak Asset Management LLC’s holdings in Adobe were worth $412,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Commonwealth Financial Services LLC lifted its stake in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC lifted its position in shares of Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares during the last quarter. Connable Office Inc. boosted its holdings in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after buying an additional 20 shares during the period. 1ST Source Bank grew its position in shares of Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. Finally, Sfmg LLC increased its position in Adobe by 3.1% in the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after buying an additional 21 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Piper Sandler lowered their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Oppenheimer cut their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,763 shares of company stock valued at $893,665 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Up 0.6 %

Shares of NASDAQ:ADBE opened at $408.50 on Tuesday. The firm has a 50 day simple moving average of $482.55 and a 200 day simple moving average of $516.02. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $179.82 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.52 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

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.