First Financial Bankshares Inc Acquires 31,693 Shares of Adobe Inc. (NASDAQ:ADBE)

First Financial Bankshares Inc raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 411.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 39,390 shares of the software company’s stock after buying an additional 31,693 shares during the period. First Financial Bankshares Inc’s holdings in Adobe were worth $17,516,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Swedbank AB raised its stake in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the last quarter. United Bank lifted its stake in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Adobe by 8.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock worth $44,036,000 after acquiring an additional 6,720 shares in the last quarter. Quest Partners LLC boosted its position in Adobe by 322.1% during the third quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock worth $1,285,000 after purchasing an additional 1,894 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.0 %

ADBE opened at $391.37 on Wednesday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The business has a 50 day moving average price of $435.77 and a two-hundred day moving average price of $479.02. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $170.40 billion, a PE ratio of 31.56, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $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. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last three months. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. KeyCorp decreased their price target on shares of Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research note on Thursday, March 13th. Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Mizuho lowered their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Bank of America lowered their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Finally, Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $542.00.

Adobe Company 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.