Adobe Inc. (NASDAQ:ADBE) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 225.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,075,945 shares of the software company's stock after purchasing an additional 745,827 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.25% of Adobe worth $478,453,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in Adobe in the 3rd quarter worth approximately $4,167,000. Morse Asset Management Inc increased its position in Adobe by 32.6% in 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 during the last quarter. Te Ahumairangi Investment Management Ltd raised its stake in 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 in the last quarter. Anchor Investment Management LLC lifted its position in Adobe by 1.6% during 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 during the last quarter. Finally, Pine Valley Investments Ltd Liability Co grew its stake in shares of 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 buying an additional 3,071 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Jefferies Financial Group dropped their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. UBS Group reduced their target price on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Piper Sandler dropped their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction dated 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 directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

Adobe Stock Down 0.1 %

ADBE traded down $0.35 on Thursday, hitting $374.63. The company had a trading volume of 2,845,830 shares, compared to its average volume of 3,435,877. The stock has a market capitalization of $159.67 billion, a price-to-earnings ratio of 30.21, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a fifty day moving average price of $388.06 and a 200-day moving average price of $442.81. 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 posted 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 firm 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 quarter in the previous year, the business posted $4.48 EPS. Analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe 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.