Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,811 shares of the software company’s stock after acquiring an additional 90 shares during the quarter. Adobe makes up approximately 1.5% of Sawgrass Asset Management LLC’s holdings, making the stock its 23rd biggest holding. Sawgrass Asset Management LLC’s holdings in Adobe were worth $13,256,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp increased its stake in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC increased its stake in shares of Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC increased its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC increased its stake in shares of Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $462.76 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm’s 50-day simple moving average is $451.47 and its 200-day simple moving average is $497.93. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $610.33. The firm has a market cap of $201.44 billion, a P/E ratio of 37.32, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the business earned $3.52 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Bank of America reduced their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

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.