Ensign Peak Advisors Inc Has $221.67 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Ensign Peak Advisors Inc reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 498,496 shares of the software company's stock after selling 13,616 shares during the period. Ensign Peak Advisors Inc owned 0.11% of Adobe worth $221,671,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new stake in Adobe during the fourth quarter valued at $2,553,035,000. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings 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 acquiring an additional 952,233 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Adobe by 225.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock worth $478,453,000 after purchasing an additional 745,827 shares during the last quarter. Finally, FIL Ltd increased its position in shares of Adobe by 130.9% in the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after acquiring an additional 730,520 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.16% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Summit Redstone set a $410.00 price objective on shares of Adobe in a research report on Wednesday, March 19th. Citigroup lowered their target price on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a report on Monday, March 10th. Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Robert W. Baird dropped their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Finally, Evercore ISI decreased their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe Trading Up 3.3%

ADBE traded up $12.66 during mid-day trading on Monday, hitting $395.94. The stock had a trading volume of 3,156,448 shares, compared to its average volume of 3,439,691. The stock's fifty day simple moving average is $379.67 and its 200-day simple moving average is $436.43. 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 firm has a market capitalization of $168.75 billion, a price-to-earnings ratio of 31.93, a price-to-earnings-growth 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 - Get Free Report) last posted its earnings results 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the business posted $4.48 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.