Longbow Finance SA Has $6.30 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Longbow Finance SA increased its position in Adobe Inc. (NASDAQ:ADBE) by 5.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,170 shares of the software company’s stock after acquiring an additional 671 shares during the quarter. Longbow Finance SA’s holdings in Adobe were worth $6,301,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. FMR LLC increased its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the period. Seilern Investment Management Ltd acquired a new position in shares of Adobe in the fourth quarter valued at approximately $110,744,000. Erste Asset Management GmbH acquired a new position in shares of Adobe in the third quarter valued at approximately $126,703,000. Finally, State Street Corp increased its stake in shares of Adobe by 1.2% in 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 buying an additional 234,909 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on ADBE shares. Wells Fargo & Company reduced their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. UBS Group reduced their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. BMO Capital Markets dropped their price objective on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Finally, Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the company’s 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 represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $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 sold a total of 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 0.0 %

Shares of NASDAQ ADBE opened at $444.42 on Tuesday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. 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 firm has a market capitalization of $193.46 billion, a price-to-earnings ratio of 35.84, a PEG ratio of 2.15 and a beta of 1.31. The business has a 50-day moving average of $440.12 and a 200-day moving average of $493.28.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the company posted $3.52 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.