Meeder Advisory Services Inc. Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Meeder Advisory Services Inc. raised its stake in Adobe Inc. (NASDAQ:ADBE) by 3.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,463 shares of the software company’s stock after purchasing an additional 220 shares during the period. Meeder Advisory Services Inc.’s holdings in Adobe were worth $3,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its position in Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after purchasing an additional 590,533 shares in the last quarter. Norges Bank acquired a new stake in Adobe in the 4th quarter valued at about $3,277,785,000. Fisher Asset Management LLC raised its position in Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after purchasing an additional 16,379 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Adobe by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after purchasing an additional 66,180 shares in the last quarter. Finally, Concentrum Wealth Management raised its position in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 target price on shares of Adobe in a research report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Wells Fargo & Company raised their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. TD Cowen cut their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Finally, Oppenheimer reissued an “outperform” rating and set a $580.00 target price on shares of Adobe in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $603.33.

Adobe Price Performance

Shares of Adobe stock traded up $6.66 during trading on Monday, reaching $565.71. The company’s stock had a trading volume of 1,887,145 shares, compared to its average volume of 3,510,574. The business has a 50 day moving average price of $505.14 and a 200-day moving average price of $532.00. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $250.84 billion, a P/E ratio of 50.83, a price-to-earnings-growth ratio of 2.92 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.04 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

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.