Rhumbline Advisers decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 838,634 shares of the software company's stock after selling 19,709 shares during the quarter. Rhumbline Advisers owned about 0.20% of Adobe worth $321,641,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Arizona State Retirement System increased its position in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after buying an additional 570 shares during the period. Burling Wealth Partners LLC bought a new stake in shares of Adobe during the fourth quarter valued at approximately $1,173,000. Silicon Valley Capital Partners raised its stake in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after purchasing an additional 236 shares in the last quarter. Horan Capital Advisors LLC. lifted its position in Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after purchasing an additional 114 shares during the period. Finally, Proficio Capital Partners LLC boosted its stake in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after buying an additional 1,083 shares in the last quarter. 81.79% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired 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 approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by corporate insiders.
Adobe Trading Up 1.6%
Shares of Adobe stock traded up $6.51 during midday trading on Thursday, reaching $420.42. 930,017 shares of the company's stock traded hands, compared to its average volume of 3,405,093. The stock has a 50 day moving average of $380.10 and a 200-day moving average of $426.39. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $179.18 billion, a PE ratio of 33.90, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Analyst Ratings Changes
A number of equities analysts have recently commented on ADBE shares. JPMorgan Chase & Co. reduced their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Evercore ISI cut their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Robert W. Baird lowered their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Finally, DA Davidson reduced their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Eleven investment 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 company. According to MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average price target of $502.88.
Check Out Our Latest Research Report on ADBE
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.
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