Daymark Wealth Partners LLC Has $7.20 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Daymark Wealth Partners LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 77.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,187 shares of the software company’s stock after purchasing an additional 7,045 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Adobe were worth $7,198,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter worth about $26,000. Piscataqua Savings Bank raised its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC grew its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe during the 3rd quarter worth $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 1.5 %

NASDAQ:ADBE opened at $436.36 on Wednesday. The stock’s fifty day moving average price is $473.26 and its two-hundred day moving average price is $510.05. The company has a market cap of $189.95 billion, a price-to-earnings ratio of 35.19, a P/E/G ratio of 2.08 and a beta of 1.31. 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 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company posted $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were 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 approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Piper Sandler decreased their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.