Old Port Advisors Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Old Port Advisors raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 867 shares of the software company’s stock after purchasing an additional 43 shares during the quarter. Old Port Advisors’ holdings in Adobe were worth $386,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp raised 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 buying an additional 234,909 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares in the last quarter. FMR LLC raised its position in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Adobe by 3.1% during 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 valued at $2,455,079,000 after purchasing an additional 140,390 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of Adobe 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 transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Mizuho decreased their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Jefferies Financial Group reduced their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $584.88.

Adobe Price Performance

ADBE traded up $2.74 during trading on Thursday, hitting $447.42. 739,199 shares of the company traded hands, compared to its average volume of 3,292,693. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $196.95 billion, a PE ratio of 36.08, a P/E/G ratio of 2.51 and a beta of 1.29. The stock’s 50-day simple moving average is $492.21 and its two-hundred day simple moving average is $521.97. Adobe Inc. has a 1 year low of $432.47 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.52 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current fiscal 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.