Bell Bank Has $560,000 Position in Adobe Inc. (NASDAQ:ADBE)

Bell Bank boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 4.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,259 shares of the software company’s stock after purchasing an additional 57 shares during the period. Bell Bank’s holdings in Adobe were worth $560,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. FMR LLC raised its holdings in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd acquired a new stake in Adobe in the fourth quarter valued at $110,744,000. Erste Asset Management GmbH bought a new position in Adobe during the 3rd quarter worth $126,703,000. Finally, State Street Corp lifted its holdings in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ADBE shares. BMO Capital Markets cut their price objective on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Bank of America decreased their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Down 2.3 %

ADBE stock opened at $444.32 on Friday. The firm has a market capitalization of $193.41 billion, a PE ratio of 35.83, a P/E/G ratio of 2.21 and a beta of 1.31. 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 Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The stock’s 50 day moving average is $440.46 and its 200-day moving average is $494.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business earned $3.52 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

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.