Toronto Dominion Bank Has $71.48 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Toronto Dominion Bank reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 160,742 shares of the software company's stock after selling 7,270 shares during the period. Toronto Dominion Bank's holdings in Adobe were worth $71,478,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Arizona State Retirement System grew its position in Adobe by 0.4% in the fourth 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 last quarter. Burling Wealth Partners LLC acquired a new position in Adobe in the fourth quarter worth approximately $1,173,000. Silicon Valley Capital Partners raised its holdings in shares of Adobe by 4.1% during the 4th 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. Evanson Asset Management LLC increased its holdings in shares of Adobe by 317.2% during the 4th quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company's stock valued at $1,988,000 after acquiring an additional 3,400 shares during the last quarter. Finally, Foundations Investment Advisors LLC raised its position in shares of Adobe by 30.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company's stock valued at $16,012,000 after purchasing an additional 8,508 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.9%

Shares of ADBE traded down $3.58 on Wednesday, reaching $414.03. 2,493,615 shares of the company's stock were exchanged, compared to its average volume of 3,449,021. The business has a 50 day moving average price of $376.12 and a two-hundred day moving average price of $433.08. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $176.46 billion, a P/E ratio of 33.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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 issued 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. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company earned $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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 bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research analyst reports. BMO Capital Markets lowered their target price on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. StockNews.com downgraded Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating on the stock. Royal Bank of Canada decreased their target price on Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Finally, Morgan Stanley cut their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has 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 a consensus target price of $502.88.

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.