DSM Capital Partners LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 25.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 197,774 shares of the software company’s stock after selling 66,213 shares during the quarter. Adobe accounts for about 1.4% of DSM Capital Partners LLC’s investment portfolio, making the stock its 21st biggest holding. DSM Capital Partners LLC’s holdings in Adobe were worth $87,946,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of ADBE. Nordea Investment Management AB raised its holdings in Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after acquiring an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board raised its stake in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Morse Asset Management Inc boosted its position in shares of Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after buying an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after buying an additional 1,326 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have issued reports on ADBE. JMP Securities restated a “market perform” rating on shares of Adobe in a research note 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. Citigroup decreased their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Mizuho lowered their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.
Insider Transactions at Adobe
In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.
Adobe Trading Up 0.9 %
ADBE stock opened at $464.11 on Wednesday. The company has a market capitalization of $202.03 billion, a price-to-earnings ratio of 37.43, a PEG ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The business has a 50 day simple moving average of $443.14 and a two-hundred day simple moving average of $495.16.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.52 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.
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.
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