Vident Advisory LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Vident Advisory LLC increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 70.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 132,281 shares of the software company's stock after purchasing an additional 54,664 shares during the period. Adobe accounts for 1.0% of Vident Advisory LLC's portfolio, making the stock its 12th biggest position. Vident Advisory LLC's holdings in Adobe were worth $58,823,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the last quarter. Norges Bank bought a new position in shares of Adobe during the fourth quarter valued at $2,553,035,000. Northern Trust Corp lifted its holdings in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Edgewood Management LLC grew its position in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. Finally, Deutsche Bank AG grew its position in Adobe by 4.0% in the 4th quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock worth $1,555,031,000 after purchasing an additional 133,556 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. BMO Capital Markets cut their target price on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Bank of America lowered their target price on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Jefferies Financial Group lowered their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Royal Bank of Canada lowered their target price on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Eleven 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe Price Performance

ADBE traded up $0.30 on Thursday, hitting $414.33. 1,887,091 shares of the company's stock traded hands, compared to its average volume of 3,449,097. The company's 50 day simple moving average is $376.51 and its 200-day simple moving average is $432.95. The firm has a market cap of $176.59 billion, a price-to-earnings ratio of 33.41, 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 company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction on 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 acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by company insiders.

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.