Bell Asset Management Ltd Acquires 7,402 Shares of Adobe Inc. (NASDAQ:ADBE)

Bell Asset Management Ltd boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 40.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,498 shares of the software company’s stock after acquiring an additional 7,402 shares during the quarter. Adobe accounts for about 2.1% of Bell Asset Management Ltd’s investment portfolio, making the stock its 11th largest position. Bell Asset Management Ltd’s holdings in Adobe were worth $11,338,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Concentrum Wealth Management increased its position in shares of Adobe by 2.8% in the fourth quarter. Concentrum Wealth Management now owns 9,561 shares of the software company’s stock worth $4,252,000 after purchasing an additional 257 shares during the last quarter. Benchmark Investment Advisors LLC grew its stake in Adobe by 2.4% in the 4th quarter. Benchmark Investment Advisors LLC now owns 1,422 shares of the software company’s stock worth $632,000 after buying an additional 33 shares in the last quarter. Edgewood Management LLC increased its holdings in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after buying an additional 696,172 shares during the last quarter. Sepio Capital LP raised its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after buying an additional 22 shares in the last quarter. Finally, Titleist Asset Management LLC grew its position in Adobe by 82.2% in the fourth quarter. Titleist Asset Management LLC now owns 1,011 shares of the software company’s stock worth $449,000 after acquiring an additional 456 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock opened at $349.07 on Monday. Adobe Inc. has a 12 month low of $333.36 and a 12 month high of $587.75. The firm has a market capitalization of $148.77 billion, a P/E ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $425.66 and a two-hundred day simple moving average of $463.29.

Adobe (NASDAQ:ADBE) last posted 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADBE. Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Sanford C. Bernstein cut their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets lowered their price objective on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $531.54.

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.