Twin Capital Management Inc. Acquires 164 Shares of Adobe Inc. (NASDAQ:ADBE)

Twin Capital Management Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,806 shares of the software company’s stock after buying an additional 164 shares during the quarter. Twin Capital Management Inc.’s holdings in Adobe were worth $4,361,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. United Bank lifted its position in shares of Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after buying an additional 428 shares during the last quarter. Two Sigma Advisers LP raised its stake in Adobe by 13.3% in the 3rd quarter. Two Sigma Advisers LP now owns 58,700 shares of the software company’s stock valued at $30,394,000 after acquiring an additional 6,900 shares during the period. Zacks Investment Management lifted its holdings in Adobe by 14.1% during the third quarter. Zacks Investment Management now owns 3,247 shares of the software company’s stock valued at $1,681,000 after purchasing an additional 401 shares during the last quarter. XTX Topco Ltd bought a new position in Adobe during the third quarter worth about $1,049,000. Finally, Tenere Capital LLC increased its stake in shares of Adobe by 260.8% in the third quarter. Tenere Capital LLC now owns 33,558 shares of the software company’s stock worth $17,376,000 after purchasing an additional 24,258 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. 0.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Citigroup lowered their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Wells Fargo & Company cut their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. 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 company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $531.54.

Adobe Stock Down 5.0 %

Shares of Adobe stock opened at $349.07 on Monday. The company’s 50 day moving average price is $425.66 and its 200-day moving average price is $463.29. Adobe Inc. has a 52-week low of $333.36 and a 52-week 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. The stock has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49.

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