Steigerwald Gordon & Koch Inc. Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Steigerwald Gordon & Koch Inc. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,764 shares of the software company’s stock after selling 116 shares during the quarter. Adobe accounts for approximately 1.7% of Steigerwald Gordon & Koch Inc.’s investment portfolio, making the stock its 28th biggest holding. Steigerwald Gordon & Koch Inc.’s holdings in Adobe were worth $15,634,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Geode Capital Management LLC grew its holdings in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank acquired a new position in Adobe in the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp grew its stake in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC grew its stake in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 0.3%

Shares of Adobe stock opened at $413.91 on Thursday. 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 stock’s 50 day simple moving average is $380.10 and its 200-day simple moving average is $426.39. The stock has a market cap of $176.41 billion, a P/E ratio of 33.38, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the company posted $4.48 earnings per share. Analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. BMO Capital Markets lowered their price target on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Jefferies Financial Group dropped their target price on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Royal Bank of Canada dropped their price objective on Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a report on Monday, April 14th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $502.88.

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.