Janney Montgomery Scott LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,883 shares of the software company's stock after selling 1,555 shares during the quarter. Janney Montgomery Scott LLC's holdings in Adobe were worth $35,240,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in ADBE. Geode Capital Management LLC boosted its holdings 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 buying an additional 151,286 shares during the period. Norges Bank acquired a new stake in Adobe during the fourth quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Adobe by 12.7% during the fourth 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 worth $2,375,345,000 after acquiring an additional 600,146 shares during the period. Northern Trust Corp grew its position in shares of Adobe by 14.5% in 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 during the last quarter. Finally, Edgewood Management LLC grew its position in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Analysts Set New Price Targets
ADBE has been the subject of several research reports. Bank of America lifted their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday. Citigroup decreased their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Finally, Morgan Stanley cut their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $494.67.
Check Out Our Latest Stock Report on Adobe
Insiders Place Their Bets
In other news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now 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 purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.16% of the company's stock.
Adobe Price Performance
ADBE stock opened at $401.73 on Tuesday. The stock has a market cap of $171.22 billion, a price-to-earnings ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50 day simple moving average of $388.00 and a 200 day simple moving average of $419.64. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.
About Adobe
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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