GM Advisory Group LLC bought a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 798 shares of the software company's stock, valued at approximately $355,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB raised its holdings in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after buying an additional 33,414 shares during the period. Arizona State Retirement System lifted its position in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Adobe by 12.2% in the 3rd 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 period. Jacobs Levy Equity Management Inc. increased its holdings in Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock worth $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc raised its stake in shares of Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock valued at $4,411,000 after purchasing an additional 2,113 shares during the period. 81.79% of the stock is owned by institutional investors.
Shares of ADBE opened at $387.89 on Thursday. The firm has a market cap of $168.89 billion, a P/E ratio of 31.28, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The firm's 50-day simple moving average is $435.13 and its 200 day simple moving average is $478.38.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating 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 quarter in the prior year, the business earned $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.
In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company's stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last 90 days. Company insiders own 0.16% of the company's stock.
ADBE has been the subject of several recent research reports. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. Morgan Stanley lowered their price objective on shares of Adobe from $660.00 to $600.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. TD Cowen cut shares of Adobe from a "buy" rating to a "hold" rating and reduced their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Jefferies Financial Group lowered their price target on shares of Adobe from $700.00 to $650.00 and set a "buy" 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 given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $538.80.
Get Our Latest Report on 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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