Adobe Inc. (NASDAQ:ADBE) Position Increased by US Bancorp DE

US Bancorp DE increased its stake in Adobe Inc. (NASDAQ:ADBE) by 22.1% during the 4th quarter, HoldingsChannel reports. The firm owned 306,519 shares of the software company’s stock after acquiring an additional 55,582 shares during the period. US Bancorp DE’s holdings in Adobe were worth $136,303,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in ADBE. SVB Wealth LLC acquired a new stake in shares of Adobe in the fourth quarter worth $8,033,000. Motco boosted its position in shares of Adobe by 0.4% in the fourth quarter. Motco now owns 19,609 shares of the software company’s stock worth $8,720,000 after buying an additional 69 shares during the period. Pettyjohn Wood & White Inc. boosted its position in shares of Adobe by 0.5% in the fourth quarter. Pettyjohn Wood & White Inc. now owns 8,325 shares of the software company’s stock worth $3,702,000 after buying an additional 40 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych boosted its position in shares of Adobe by 29.0% in the fourth quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 14,216 shares of the software company’s stock worth $6,322,000 after buying an additional 3,200 shares during the period. Finally, Peloton Wealth Strategists boosted its position in shares of Adobe by 1.8% in the fourth quarter. Peloton Wealth Strategists now owns 4,167 shares of the software company’s stock worth $1,853,000 after buying an additional 75 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.3 %

Adobe stock opened at $438.49 on Friday. 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 business’s 50-day simple moving average is $439.71 and its 200-day simple moving average is $491.24. The firm has a market capitalization of $190.87 billion, a PE ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ADBE. Bank of America reduced their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Stifel Nicolaus reduced their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Finally, Barclays reduced their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the director now 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 disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last three months. Company insiders own 0.15% of the company’s stock.

About Adobe

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.