1,742 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Challenger Wealth Management

Challenger Wealth Management bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,742 shares of the software company's stock, valued at approximately $775,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake 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 valued at $2,375,345,000 after acquiring an additional 600,146 shares during the period. Northern Trust Corp raised its stake in Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the period. Finally, Edgewood Management LLC raised its stake in Adobe by 20.7% in 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 acquiring an additional 696,172 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost 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 of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is owned by corporate insiders.

Adobe Trading Down 0.2%

Adobe stock traded down $0.87 during trading hours on Wednesday, hitting $412.23. The stock had a trading volume of 2,238,353 shares, compared to its average volume of 3,445,640. 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 stock has a market cap of $175.69 billion, a price-to-earnings ratio of 33.24, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The business's 50 day simple moving average is $378.00 and its 200-day simple moving average is $430.23.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Stifel Nicolaus decreased their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Mizuho decreased their price objective on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Finally, Oppenheimer decreased their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe currently 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.