Westpac Banking Corp Acquires 3,242 Shares of Adobe Inc. (NASDAQ:ADBE)

Westpac Banking Corp boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 28.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,530 shares of the software company’s stock after purchasing an additional 3,242 shares during the quarter. Westpac Banking Corp’s holdings in Adobe were worth $6,461,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. State Street Corp grew its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank purchased a new position in shares of Adobe during the fourth quarter valued at about $2,553,035,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Adobe by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after purchasing an additional 92,458 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after buying an additional 163,983 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler decreased their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $531.54.

Adobe Price Performance

Shares of ADBE stock opened at $385.78 on Thursday. The company’s 50-day simple moving average is $428.78 and its two-hundred day simple moving average is $465.84. 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 one year low of $370.95 and a one year high of $587.75. The company has a market capitalization of $164.42 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37.

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

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.