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

DnB Asset Management AS lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 208,291 shares of the software company’s stock after purchasing 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.

Other large investors also recently bought and sold shares of the company. United Bank lifted its holdings in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares during the period. Providence Capital Advisors LLC lifted its stake in Adobe by 1.9% during the 3rd quarter. Providence Capital Advisors LLC now owns 15,511 shares of the software company’s stock valued at $8,031,000 after acquiring an additional 289 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Adobe by 1.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 232,797 shares of the software company’s stock valued at $120,538,000 after acquiring an additional 2,669 shares during the last quarter. Fiduciary Trust Co increased its stake in shares of Adobe by 4.3% in the third quarter. Fiduciary Trust Co now owns 27,690 shares of the software company’s stock worth $14,337,000 after acquiring an additional 1,148 shares during the period. Finally, Public Sector Pension Investment Board raised its holdings in shares of Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $396.15 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $172.49 billion, a PE ratio of 31.95, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm’s 50-day moving average is $432.69 and its two-hundred day moving average is $471.70. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company earned $4.48 EPS. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Oppenheimer lowered their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Wells Fargo & Company decreased their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Finally, Barclays decreased their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $533.85.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value 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. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 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.