Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Fayez Sarofim & Co

Fayez Sarofim & Co lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 622,523 shares of the software company's stock after buying an additional 49,250 shares during the quarter. Fayez Sarofim & Co owned about 0.14% of Adobe worth $279,761,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in Adobe in the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC grew 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 buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares in the last quarter. FIL Ltd lifted 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 buying an additional 730,520 shares during the period. Finally, Edgewood Management LLC increased its position in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. DA Davidson lowered their price target on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Stifel Nicolaus cut their price target on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. UBS Group dropped their target price on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. Eleven equities research 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 stock. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $6.81 during mid-day trading on Friday, hitting $367.72. The stock had a trading volume of 3,497,670 shares, compared to its average volume of 3,434,326. The firm has a market cap of $156.72 billion, a PE ratio of 29.65, a PEG ratio of 2.15 and a beta of 1.49. 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 company has a 50 day moving average of $392.89 and a two-hundred day moving average of $445.42. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating 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 business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the company earned $4.48 earnings per share. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David A. Ricks bought 2,250 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.16% of the company's stock.

About Adobe

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.