Meeder Asset Management Inc. Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Meeder Asset Management Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 32.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 173 shares of the software company’s stock after selling 83 shares during the quarter. Meeder Asset Management Inc.’s holdings in Adobe were worth $77,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Adobe in the 4th quarter worth $2,553,035,000. Proficio Capital Partners LLC raised its holdings in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Adobe in the 4th quarter valued at about $243,827,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Adobe by 42.3% in the 4th 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 in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $383.20 on Wednesday. The firm has a fifty day moving average price of $429.81 and a 200 day moving average price of $466.40. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The stock has a market cap of $163.32 billion, a P/E ratio of 30.90, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. UBS Group set a $495.00 target price on shares of Adobe in a research report on Thursday, March 13th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Morgan Stanley dropped their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Finally, KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $531.54.

About 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.