Randolph Co Inc Acquires Shares of 33,946 Adobe Inc. (NASDAQ:ADBE)

Randolph Co Inc acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 33,946 shares of the software company's stock, valued at approximately $15,095,000. Adobe makes up 1.7% of Randolph Co Inc's holdings, making the stock its 26th largest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC lifted its holdings 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 worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new stake in shares of Adobe during the fourth quarter valued at about $2,553,035,000. Northern Trust Corp lifted its holdings in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares in the last quarter. Edgewood Management LLC boosted its position in shares of 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 period. Finally, Charles Schwab Investment Management Inc. grew its stake in Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock valued at $1,249,066,000 after acquiring an additional 92,458 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.16% of the company's stock.

Adobe Trading Down 0.1 %

NASDAQ ADBE traded down $0.35 on Thursday, hitting $374.63. The company's stock had a trading volume of 2,845,830 shares, compared to its average volume of 3,435,879. 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 firm has a market cap of $159.67 billion, a P/E ratio of 30.21, a PEG ratio of 2.15 and a beta of 1.49. The company's 50-day simple moving average is $386.67 and its 200 day simple moving average is $441.88. Adobe Inc. has a 52-week low of $332.01 and a 52-week 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 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates 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 business earned $4.48 EPS. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. Jefferies Financial Group lowered their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Robert W. Baird dropped their price objective on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft restated 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. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Finally, BMO Capital Markets decreased their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $502.88.

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.