State of Alaska Department of Revenue lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,907 shares of the software company's stock after purchasing an additional 810 shares during the quarter. State of Alaska Department of Revenue's holdings in Adobe were worth $24,509,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Norges Bank bought a new position in shares of Adobe during the fourth quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 valued at $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp boosted its holdings in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC boosted its holdings in Adobe by 20.7% during the fourth 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 last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Adobe
In related news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.16% of the company's stock.
Adobe Price Performance
Shares of NASDAQ:ADBE opened at $382.68 on Wednesday. The firm has a market cap of $163.10 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The business has a 50-day simple moving average of $388.36 and a two-hundred day simple moving average of $419.38. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.
Analysts Set New Price Targets
Several equities analysts have commented on the stock. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Mizuho reduced their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. 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 research note on Monday, March 31st. Finally, DA Davidson reduced their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $494.67.
Check Out Our Latest Stock Analysis on Adobe
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
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