Bridgefront Capital LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Bridgefront Capital LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE – Get Rating) in the third quarter, HoldingsChannel.com reports. The firm acquired 817 shares of the software company’s stock, valued at approximately $225,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Gould Capital LLC increased its holdings in shares of Adobe by 2.6% in the 3rd quarter. Gould Capital LLC now owns 6,477 shares of the software company’s stock worth $1,782,000 after purchasing an additional 165 shares in the last quarter. Toroso Investments LLC increased its holdings in Adobe by 41.0% in the 3rd quarter. Toroso Investments LLC now owns 20,578 shares of the software company’s stock worth $5,664,000 after buying an additional 5,986 shares in the last quarter. CVA Family Office LLC raised its position in Adobe by 9.0% in the 3rd quarter. CVA Family Office LLC now owns 1,147 shares of the software company’s stock worth $316,000 after buying an additional 95 shares during the last quarter. IHT Wealth Management LLC lifted its stake in Adobe by 30.7% during the 3rd quarter. IHT Wealth Management LLC now owns 3,860 shares of the software company’s stock valued at $1,062,000 after acquiring an additional 906 shares during the period. Finally, Dash Acquisitions Inc. boosted its holdings in shares of Adobe by 8.1% during the 3rd quarter. Dash Acquisitions Inc. now owns 23,611 shares of the software company’s stock valued at $6,498,000 after acquiring an additional 1,778 shares during the last quarter. 79.36% of the stock is owned by institutional investors.

Adobe Trading Up 5.9 %

Shares of ADBE opened at $353.29 on Friday. The firm has a market cap of $162.01 billion, a P/E ratio of 34.98, a price-to-earnings-growth ratio of 2.02 and a beta of 1.27. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $473.49. The company has a 50 day simple moving average of $352.73 and a two-hundred day simple moving average of $334.30.

Adobe (NASDAQ:ADBE – Get Rating) last issued its earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.12. The firm had revenue of $4.66 billion during the quarter, compared to analyst estimates of $4.62 billion. Adobe had a net margin of 27.01% and a return on equity of 36.74%. Adobe’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.84 earnings per share. On average, equities analysts expect that Adobe Inc. will post 12.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADBE shares. StockNews.com started coverage on shares of Adobe in a research report on Thursday. They set a “buy” rating on the stock. Piper Sandler restated an “overweight” rating and issued a $415.00 price target on shares of Adobe in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their price objective on Adobe from $400.00 to $430.00 and gave the stock a “buy” rating in a report on Friday, December 16th. Barclays increased their target price on Adobe from $340.00 to $385.00 in a report on Thursday. Finally, Mizuho boosted their price target on Adobe from $370.00 to $375.00 in a research note on Thursday. Sixteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $414.78.

Insider Activity

In related news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Monday, December 19th. The stock was sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,271 shares of the company’s stock, valued at $1,105,598. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Shantanu Narayen sold 15,000 shares of the company’s stock in a transaction on Friday, January 20th. The shares were sold at an average price of $346.61, for a total transaction of $5,199,150.00. Following the sale, the chief executive officer now owns 408,866 shares of the company’s stock, valued at $141,717,044.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction on Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the transaction, the chief accounting officer now owns 3,271 shares of the company’s stock, valued at approximately $1,105,598. The disclosure for this sale can be found here. Insiders sold a total of 26,265 shares of company stock worth $9,067,344 over the last 90 days. Corporate insiders own 0.24% of the company’s stock.

Adobe Company Profile

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.