Dillon & Associates Inc. Acquires 342 Shares of Adobe Inc. (NASDAQ:ADBE)

Dillon & Associates Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,971 shares of the software company’s stock after purchasing an additional 342 shares during the period. Dillon & Associates Inc.’s holdings in Adobe were worth $1,767,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB grew its stake in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after buying an additional 33,414 shares in the last quarter. Arizona State Retirement System lifted its holdings in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after buying an additional 570 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after buying an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc lifted its holdings in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after buying an additional 2,113 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.6 %

ADBE opened at $387.26 on Monday. The firm has a 50 day moving average price of $434.16 and a 200 day moving average price of $475.10. The company has a market cap of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. 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 (NASDAQ:ADBE) last released its quarterly 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 business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company earned $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last ninety days. 0.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ADBE shares. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. BMO Capital Markets cut their price objective on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. UBS Group set a $495.00 price target on shares of Adobe in a research note on Thursday, March 13th. Stifel Nicolaus cut their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Finally, Wells Fargo & Company cut their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $538.80.

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.