Royal London Asset Management Ltd. Has $247.37 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Royal London Asset Management Ltd. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 556,281 shares of the software company’s stock after selling 16,393 shares during the period. Adobe comprises about 0.6% of Royal London Asset Management Ltd.’s investment portfolio, making the stock its 26th largest holding. Royal London Asset Management Ltd.’s holdings in Adobe were worth $247,367,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ADBE. Next Capital Management LLC lifted its position in Adobe by 38.2% in the 4th quarter. Next Capital Management LLC now owns 723 shares of the software company’s stock valued at $322,000 after acquiring an additional 200 shares in the last quarter. First Financial Bankshares Inc increased its holdings in Adobe by 411.8% during the 4th quarter. First Financial Bankshares Inc now owns 39,390 shares of the software company’s stock worth $17,516,000 after purchasing an additional 31,693 shares in the last quarter. Generali Investments Management Co LLC acquired a new stake in shares of Adobe in the 4th quarter valued at about $3,025,000. GM Advisory Group LLC acquired a new position in shares of Adobe during the fourth quarter worth about $355,000. Finally, Harvest Fund Management Co. Ltd boosted its position in shares of Adobe by 10.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 25,969 shares of the software company’s stock worth $11,426,000 after buying an additional 2,359 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ADBE shares. KeyCorp cut their target price on Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research note on Thursday, March 13th. UBS Group set a $495.00 target price on shares of Adobe in a report on Thursday, March 13th. Robert W. Baird lowered their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday. Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $538.80.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was 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. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price 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. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last three months. Corporate insiders own 0.16% of the company’s stock.

Adobe Trading Down 0.9 %

ADBE stock opened at $387.89 on Thursday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a market capitalization of $168.89 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company’s 50-day simple moving average is $435.13 and its 200 day simple moving average is $478.38. 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 (NASDAQ:ADBE) last announced its earnings results 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 company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the firm earned $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.