Advisors Asset Management Inc. Purchases 1,761 Shares of Adobe Inc. (NASDAQ:ADBE)

Advisors Asset Management Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,219 shares of the software company’s stock after purchasing an additional 1,761 shares during the quarter. Advisors Asset Management Inc.’s holdings in Adobe were worth $9,880,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Proficio Capital Partners LLC increased its position in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the period. FMR LLC grew its stake in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Adobe during the 4th quarter worth approximately $243,827,000. Assenagon Asset Management S.A. lifted its stake in Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd bought a new position in Adobe in the 4th quarter valued at $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on 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 owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Trading Down 2.0 %

Shares of ADBE opened at $391.37 on Wednesday. The firm has a fifty day simple moving average of $435.77 and a two-hundred day simple moving average of $479.02. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The stock has a market capitalization of $170.40 billion, a P/E ratio of 31.56, a PEG ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Piper Sandler lowered their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Morgan Stanley cut their price objective on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Sanford C. Bernstein dropped their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $542.00.

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.