Adobe Inc. (NASDAQ:ADBE) Shares Purchased by EDENTREE ASSET MANAGEMENT Ltd

EDENTREE ASSET MANAGEMENT Ltd boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,775 shares of the software company's stock after buying an additional 1,960 shares during the period. Adobe makes up approximately 2.7% of EDENTREE ASSET MANAGEMENT Ltd's investment portfolio, making the stock its 10th largest holding. EDENTREE ASSET MANAGEMENT Ltd's holdings in Adobe were worth $9,238,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Siemens Fonds Invest GmbH lifted its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the 4th quarter valued at about $31,000. Caitlin John LLC grew its position in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Avion Wealth grew its position in Adobe by 112.2% in the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after acquiring an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC grew its position in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. UBS Group decreased their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, Stifel Nicolaus decreased their price objective on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $502.88.

Insider Activity at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Up 1.3%

Adobe stock traded up $5.26 during midday trading on Tuesday, reaching $412.95. The stock had a trading volume of 786,880 shares, compared to its average volume of 3,439,873. The stock has a market capitalization of $176.00 billion, a P/E ratio of 33.34, 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. The firm's fifty day simple moving average is $377.53 and its 200-day simple moving average is $430.35. 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 (NASDAQ:ADBE - Get Free Report) last posted its quarterly 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 return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.