Laird Norton Wetherby Wealth Management LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,254 shares of the software company's stock after selling 1,045 shares during the quarter. Laird Norton Wetherby Wealth Management LLC's holdings in Adobe were worth $6,338,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC grew its stake in Adobe by 1.4% during the fourth 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 in the last quarter. Norges Bank bought a new stake in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. Northern Trust Corp boosted its position in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares in the last quarter. Edgewood Management LLC increased its stake in 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 acquiring an additional 696,172 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Adobe by 4.0% during the fourth quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock valued at $1,555,031,000 after purchasing an additional 133,556 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by company insiders.
Adobe Trading Up 1.3%
NASDAQ:ADBE traded up $5.22 on Thursday, reaching $404.69. 2,761,601 shares of the stock traded hands, compared to its average volume of 3,430,334. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company's 50 day moving average is $376.62 and its 200-day moving average is $435.30. The firm has a market capitalization of $172.48 billion, a price-to-earnings ratio of 32.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company 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 period in the prior year, the company posted $4.48 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on ADBE. Redburn Atlantic began coverage on Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company lowered their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Finally, Evercore ISI decreased their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Eleven equities research 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.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.
Read Our Latest Report on Adobe
Adobe Company Profile
(
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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