Adobe Inc. (NASDAQ:ADBE) Position Reduced by First Merchants Corp

First Merchants Corp reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,406 shares of the software company’s stock after selling 51 shares during the quarter. First Merchants Corp’s holdings in Adobe were worth $6,406,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. State Street Corp boosted its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after buying an additional 234,909 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the last quarter. FMR LLC boosted its position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Fisher Asset Management LLC grew 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 worth $2,516,196,000 after purchasing an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Adobe by 3.1% in the 3rd 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 worth $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 and hedge funds.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on 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 of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject 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 Tuesday, January 28th. Stifel Nicolaus decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, DA Davidson reduced their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Down 0.8 %

Shares of NASDAQ ADBE opened at $459.22 on Friday. The stock has a market cap of $199.90 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 2.11 and a beta of 1.31. The business has a 50 day simple moving average of $449.99 and a 200 day simple moving average of $497.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $610.33.

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

Adobe Company 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.