Capital Investment Counsel Inc Has $7.74 Million Position in Adobe Inc. (NASDAQ:ADBE)

Capital Investment Counsel Inc lowered its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 13.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 17,396 shares of the software company’s stock after selling 2,765 shares during the period. Adobe accounts for about 1.2% of Capital Investment Counsel Inc’s portfolio, making the stock its 15th largest position. Capital Investment Counsel Inc’s holdings in Adobe were worth $7,736,000 at the end of the most recent reporting period.

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

Adobe Stock Down 0.5 %

Shares of Adobe stock opened at $454.69 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The business has a 50-day moving average of $440.89 and a two-hundred day moving average of $494.61. The company has a market capitalization of $197.93 billion, a P/E ratio of 36.67, a price-to-earnings-growth ratio of 2.25 and a beta of 1.31. 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:ADBEGet Free Report) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company earned $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ADBE shares. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $590.00 price target on shares of Adobe in a research note on Thursday, February 13th. UBS Group cut their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Finally, Wells Fargo & Company cut their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

View Our Latest Analysis on ADBE

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

About Adobe

(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.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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