Morse Asset Management Inc Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Morse Asset Management Inc trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,761 shares of the software company's stock after selling 1,733 shares during the quarter. Morse Asset Management Inc's holdings in Adobe were worth $3,006,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Adobe during the 4th quarter valued at $2,553,035,000. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Adobe by 225.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after purchasing an additional 745,827 shares in the last quarter. Finally, FIL Ltd boosted its position in Adobe by 130.9% during the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after purchasing an additional 730,520 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADBE shares. Citigroup lowered their price target 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. Royal Bank of Canada lowered their price target on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. 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. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Price Performance

Shares of ADBE stock traded up $12.44 during mid-day trading on Friday, hitting $417.13. 5,386,758 shares of the stock were exchanged, compared to its average volume of 3,441,409. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a fifty day moving average of $376.01 and a 200 day moving average of $434.77. The company has a market cap of $177.78 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business posted $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.16% of the company's stock.

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.