Eagle Asset Management Inc. Buys 3,120 Shares of Adobe Inc. (NASDAQ:ADBE)

Eagle Asset Management Inc. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 14.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,400 shares of the software company’s stock after purchasing an additional 3,120 shares during the period. Eagle Asset Management Inc.’s holdings in Adobe were worth $14,557,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Morgan Stanley raised its stake in Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares during the period. Norges Bank bought a new stake in Adobe in the 4th quarter valued at $3,277,785,000. Northern Trust Corp raised its stake in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares during the period. Fisher Asset Management LLC raised its stake in Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after acquiring an additional 16,379 shares during the period. Finally, Invesco Ltd. raised its stake in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 over the last ninety days. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADBE. Wells Fargo & Company dropped their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $620.72.

Check Out Our Latest Analysis on Adobe

Adobe Trading Down 0.2 %

Adobe stock traded down $1.11 during trading hours on Friday, hitting $444.76. The stock had a trading volume of 7,487,507 shares, compared to its average volume of 2,555,011. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $199.25 billion, a price-to-earnings ratio of 42.52, a P/E/G ratio of 2.41 and a beta of 1.28. Adobe Inc. has a one year low of $410.70 and a one year high of $638.25. The business’s 50 day simple moving average is $481.94 and its 200-day simple moving average is $551.06.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $5.14 billion. During the same period last year, the company earned $2.97 earnings per share. The business’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Adobe Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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