Nicholas Company Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Nicholas Company Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,764 shares of the software company’s stock after buying an additional 13,434 shares during the quarter. Adobe accounts for 1.2% of Nicholas Company Inc.’s holdings, making the stock its 21st largest holding. Nicholas Company Inc.’s holdings in Adobe were worth $74,601,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ADBE. 1ST Source Bank raised its position in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares in the last quarter. Holistic Financial Partners raised its position in shares of Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after acquiring an additional 22 shares in the last quarter. Foster Group Inc. raised its position in shares of Adobe by 4.6% in the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its position in shares of Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after acquiring an additional 23 shares in the last quarter. Finally, Veery Capital LLC raised its position in shares of Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after acquiring an additional 24 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $394.74 on Friday. The company has a market capitalization of $171.87 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. The business’s 50 day moving average is $437.03 and its two-hundred day moving average is $482.06. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm earned $4.48 earnings per share. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday. Piper Sandler reduced their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. KeyCorp reduced their target price on Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research report on Thursday. UBS Group reduced their target price on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Robert W. Baird reduced their target price on Adobe from $500.00 to $490.00 and set a “neutral” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $540.60.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is currently owned by insiders.

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.