Assenagon Asset Management S.A. Purchases 347,536 Shares of Adobe Inc. (NASDAQ:ADBE)

Assenagon Asset Management S.A. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 42.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,168,584 shares of the software company’s stock after acquiring an additional 347,536 shares during the quarter. Adobe comprises 0.8% of Assenagon Asset Management S.A.’s holdings, making the stock its 14th largest holding. Assenagon Asset Management S.A.’s holdings in Adobe were worth $519,646,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. WealthPLAN Partners LLC raised its stake in shares of Adobe by 20.1% in the second quarter. WealthPLAN Partners LLC now owns 5,395 shares of the software company’s stock worth $2,997,000 after purchasing an additional 903 shares during the last quarter. Lmcg Investments LLC raised its position in Adobe by 8.5% in the 2nd quarter. Lmcg Investments LLC now owns 23,822 shares of the software company’s stock valued at $13,234,000 after buying an additional 1,860 shares during the last quarter. Excalibur Management Corp bought a new position in Adobe during the 2nd quarter valued at $344,000. Conscious Wealth Investments LLC grew its stake in shares of Adobe by 1.0% in the 2nd quarter. Conscious Wealth Investments LLC now owns 4,603 shares of the software company’s stock worth $2,514,000 after acquiring an additional 44 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. raised its holdings in shares of Adobe by 9.7% in the second quarter. Stock Yards Bank & Trust Co. now owns 41,602 shares of the software company’s stock valued at $23,112,000 after purchasing an additional 3,670 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADBE. Royal Bank of Canada reduced their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Oppenheimer decreased 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. Finally, Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

NASDAQ ADBE opened at $412.71 on Wednesday. The company’s 50 day simple moving average is $481.07 and its two-hundred day simple moving average is $515.02. 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 1 year low of $403.75 and a 1 year high of $638.25. The stock has a market capitalization of $181.67 billion, a PE ratio of 33.28, a P/E/G ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the business posted $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 16.73 earnings per share for the current fiscal 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.