Adobe Inc. (NASDAQ:ADBE) Stake Increased by Bank Julius Baer & Co. Ltd Zurich

Bank Julius Baer & Co. Ltd Zurich grew its stake in Adobe Inc. (NASDAQ:ADBE) by 1.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 622,423 shares of the software company’s stock after buying an additional 7,661 shares during the period. Adobe makes up approximately 1.9% of Bank Julius Baer & Co. Ltd Zurich’s holdings, making the stock its 11th biggest position. Bank Julius Baer & Co. Ltd Zurich owned about 0.14% of Adobe worth $371,338,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Concentrum Wealth Management increased its stake in Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. International Assets Investment Management LLC acquired a new position in Adobe during the 4th quarter worth $875,592,000. Invesco Ltd. lifted its holdings in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares in the last quarter. Jennison Associates LLC lifted its holdings in Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after buying an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth $152,970,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.8 %

ADBE stock traded down $3.68 during trading hours on Thursday, reaching $473.44. 2,245,608 shares of the stock were exchanged, compared to its average volume of 3,510,927. The firm’s 50-day moving average is $519.06 and its 200-day moving average is $565.33. The company has a market cap of $212.10 billion, a price-to-earnings ratio of 44.62, a PEG ratio of 2.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The company’s revenue was up 11.3% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has authorized a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock worth $137,656 in the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Mizuho reaffirmed a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TD Cowen reduced their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Barclays cut their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.