Adobe Inc. (NASDAQ:ADBE) Holdings Increased by Channing Global Advisors LLC

Channing Global Advisors LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 48.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,284 shares of the software company’s stock after acquiring an additional 4,348 shares during the quarter. Adobe makes up approximately 3.9% of Channing Global Advisors LLC’s investment portfolio, making the stock its 9th biggest position. Channing Global Advisors LLC’s holdings in Adobe were worth $5,907,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Nordea Investment Management AB lifted its holdings in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Morse Asset Management Inc lifted its holdings in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 1.7 %

NASDAQ:ADBE opened at $458.82 on Wednesday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $626.34. The company has a 50-day moving average of $451.47 and a 200 day moving average of $497.93. The firm has a market cap of $199.72 billion, a PE ratio of 37.00, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ADBE shares. Oppenheimer reduced their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Stifel Nicolaus reduced their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.