By otakuyassine3@gmail.com 
Wallace Advisory Group LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 26.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,291 shares of the software company’s stock after purchasing an additional 693 shares during the quarter. Adobe makes up 1.0% of Wallace Advisory Group LLC’s portfolio, making the stock its 22nd largest holding. Wallace Advisory Group LLC’s holdings in Adobe were worth $1,463,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in the stock. International Assets Investment Management LLC boosted its position in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD acquired a new position in shares of Adobe during the second quarter worth approximately $663,745,000. FMR LLC lifted its position in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after purchasing an additional 491,627 shares during the period. Finally, Erste Asset Management GmbH acquired a new stake in Adobe in the third quarter worth approximately $126,703,000. 81.79% of the stock is owned by institutional investors.
Insider Activity
In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by corporate insiders.
Adobe Stock Up 0.6 %
ADBE opened at $408.50 on Tuesday. The company has a market capitalization of $179.82 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The business has a 50-day moving average of $482.55 and a 200-day moving average of $516.02.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.52 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.73 EPS for the current fiscal year.
Analysts Set New Price Targets
ADBE has been the subject of a number of research analyst reports. Bank of America cut their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Oppenheimer cut their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Citigroup cut their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Royal Bank of Canada cut their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.
View Our Latest Research Report on ADBE
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.
Recommended Stories
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).
Receive News & Ratings for Adobe Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Adobe and related companies with MarketBeat.com’s FREE daily email newsletter.