Shell Asset Management Co. Has $5.66 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Shell Asset Management Co. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,732 shares of the software company's stock after selling 1,501 shares during the period. Shell Asset Management Co.'s holdings in Adobe were worth $5,662,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC grew its holdings in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after buying an additional 952,233 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Adobe by 225.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after buying an additional 745,827 shares during the last quarter. Finally, FIL Ltd grew its holdings in shares of Adobe by 130.9% during the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after buying an additional 730,520 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.16% of the company's stock.

Adobe Trading Up 0.9%

Shares of ADBE stock traded up $3.55 during trading hours on Monday, hitting $420.68. 3,005,315 shares of the company were exchanged, compared to its average volume of 3,444,395. The firm has a market cap of $179.29 billion, a PE ratio of 33.93, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. 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 firm has a fifty day moving average of $375.68 and a 200 day moving average of $433.63.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 earnings per share. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ADBE shares. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Piper Sandler lowered their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Bank of America lowered their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. UBS Group lowered their price objective on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Royal Bank of Canada decreased their price target on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average 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.