State of Wyoming Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

State of Wyoming raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 292.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,174 shares of the software company's stock after buying an additional 2,365 shares during the period. State of Wyoming's holdings in Adobe were worth $1,411,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH grew its holdings 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 purchasing an additional 39,888 shares during the last quarter. Decker Retirement Planning Inc. bought a new position in shares of Adobe during the 4th quarter valued at $31,000. Summit Securities Group LLC bought a new position in shares of Adobe during the 4th quarter valued at $31,000. Caitlin John LLC grew its holdings in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after purchasing an additional 48 shares during the last quarter. Finally, Avion Wealth grew its holdings in shares of Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Stock Down 0.9%

Shares of ADBE stock traded down $3.58 during trading hours on Wednesday, hitting $414.03. 2,493,615 shares of the company's stock traded hands, compared to its average volume of 3,449,021. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $176.46 billion, a price-to-earnings ratio of 33.39, a PEG ratio of 2.15 and a beta of 1.55. The stock's fifty day simple moving average is $376.12 and its two-hundred day simple moving average is $433.08. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on ADBE shares. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. 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. Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Citigroup cut their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. Finally, UBS Group cut their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost 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 approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is currently owned by insiders.

Adobe Company Profile

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.