DnB Asset Management AS Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

DnB Asset Management AS lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the fourth quarter, HoldingsChannel reports. The firm owned 208,291 shares of the software company’s stock after acquiring an additional 3,811 shares during the quarter. DnB Asset Management AS’s holdings in Adobe were worth $92,623,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter worth approximately $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares in the last quarter. True Wealth Design LLC increased its position in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at $31,000. Finally, Caitlin John LLC lifted its position in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.4 %

ADBE stock opened at $396.15 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $432.69 and its 200 day moving average price is $471.70. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a market cap of $172.49 billion, a P/E ratio of 31.95, a P/E/G ratio of 2.15 and a beta of 1.37.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ADBE shares. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. UBS Group set a $495.00 price target on shares of Adobe in a research note on Thursday, March 13th. Robert W. Baird reduced their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $533.85.

Insider Transactions at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.16% of the stock is currently owned by insiders.

Adobe 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.