Price T Rowe Associates Inc. MD Has $1.47 Billion Stake in Adobe Inc. (NASDAQ:ADBE)

Price T Rowe Associates Inc. MD reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 46.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,304,694 shares of the software company's stock after selling 2,903,393 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.76% of Adobe worth $1,469,533,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Virtu Financial LLC bought a new position in shares of Adobe in the third quarter valued at about $4,167,000. Morse Asset Management Inc lifted its position in shares of Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock worth $4,398,000 after purchasing an additional 2,088 shares in the last quarter. Te Ahumairangi Investment Management Ltd grew its stake in shares of Adobe by 12.9% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock valued at $2,294,000 after purchasing an additional 510 shares during the last quarter. Anchor Investment Management LLC increased its holdings in shares of Adobe by 1.6% in the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock valued at $8,420,000 after purchasing an additional 255 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co raised its position in Adobe by 13.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company's stock worth $13,168,000 after purchasing an additional 3,071 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.3 %

Shares of NASDAQ:ADBE traded down $1.13 during mid-day trading on Monday, reaching $366.59. 1,360,725 shares of the stock were exchanged, compared to its average volume of 3,430,199. The stock's 50 day simple moving average is $392.89 and its 200-day simple moving average is $444.67. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a market cap of $156.24 billion, a P/E ratio of 29.52, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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 for the quarter, beating 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 return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the company earned $4.48 EPS. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on ADBE shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. StockNews.com cut Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Robert W. Baird cut their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Finally, Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Activity

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.16% of the company's stock.

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.