Centre Asset Management LLC Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Centre Asset Management LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,754 shares of the software company's stock, valued at approximately $8,727,000. Adobe makes up 2.2% of Centre Asset Management LLC's portfolio, making the stock its 17th largest holding.

Several other large investors also recently made changes to their positions in the business. Hobart Private Capital LLC increased its position in shares of Adobe by 70.7% in the first quarter. Hobart Private Capital LLC now owns 1,164 shares of the software company's stock worth $446,000 after acquiring an additional 482 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Adobe by 2.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 72,002 shares of the software company's stock worth $27,615,000 after acquiring an additional 1,698 shares in the last quarter. Fire Capital Management LLC acquired a new stake in shares of Adobe in the fourth quarter worth $1,351,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Adobe in the fourth quarter worth $69,000. Finally, Fairtree Asset Management Pty Ltd acquired a new stake in shares of Adobe in the fourth quarter worth $1,659,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Stifel Nicolaus dropped their price objective on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. DA Davidson lowered their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Mizuho lowered their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average target price of $502.88.

Insider Transactions at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.16% of the company's stock.

Adobe Stock Performance

Shares of Adobe stock traded up $1.40 during trading hours on Friday, reaching $414.76. The company's stock had a trading volume of 4,229,413 shares, compared to its average volume of 3,422,194. The company's 50 day simple moving average is $379.10 and its 200 day simple moving average is $427.98. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock has a market cap of $176.77 billion, a P/E ratio of 33.45, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $5.66 billion. During the same period last year, the firm posted $4.48 EPS. As a group, analysts expect 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.