Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Intech Investment Management LLC

Intech Investment Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 87.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 166,718 shares of the software company’s stock after purchasing an additional 77,666 shares during the period. Adobe comprises about 2.2% of Intech Investment Management LLC’s investment portfolio, making the stock its 10th biggest holding. Intech Investment Management LLC’s holdings in Adobe were worth $74,136,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Generali Asset Management SPA SGR acquired a new stake in shares of Adobe during the 4th quarter valued at $20,408,000. Advisors Asset Management Inc. boosted its stake in shares of Adobe by 8.6% during the 4th quarter. Advisors Asset Management Inc. now owns 22,219 shares of the software company’s stock valued at $9,880,000 after buying an additional 1,761 shares during the period. Retirement Planning Co of New England Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at $285,000. RD Lewis Holdings Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at $248,000. Finally, Haven Capital Group Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at $3,268,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $399.34 on Tuesday. The stock has a market cap of $173.88 billion, a P/E ratio of 32.20, a PEG ratio of 2.15 and a beta of 1.37. The company’s 50-day simple moving average is $436.39 and its 200 day simple moving average is $480.30. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm posted $4.48 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ADBE shares. Bank of America decreased their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Piper Sandler cut their price target 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. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Citigroup cut their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company’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 sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

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.