Advisors Capital Management LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Advisors Capital Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,256 shares of the software company's stock after purchasing an additional 723 shares during the quarter. Advisors Capital Management LLC's holdings in Adobe were worth $16,122,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. M&T Bank Corp grew its holdings in shares of Adobe by 3.9% during the 3rd quarter. M&T Bank Corp now owns 156,198 shares of the software company's stock worth $80,876,000 after purchasing an additional 5,905 shares during the period. Virtu Financial LLC purchased a new position in Adobe during the third quarter worth about $4,167,000. Morse Asset Management Inc increased its position in shares of Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock valued at $4,398,000 after acquiring an additional 2,088 shares during the last quarter. Te Ahumairangi Investment Management Ltd raised its stake in shares of Adobe by 12.9% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock valued at $2,294,000 after acquiring an additional 510 shares during the period. Finally, Anchor Investment Management LLC lifted its holdings in shares of Adobe by 1.6% in the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock worth $8,420,000 after acquiring an additional 255 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. Company insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ADBE shares. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. UBS Group decreased their target price on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. JPMorgan Chase & Co. dropped their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada reduced 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. Finally, Robert W. Baird lowered their price objective on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $513.27.

Adobe Stock Up 1.3 %

Shares of Adobe stock traded up $4.61 during trading hours on Friday, hitting $348.80. The company had a trading volume of 5,206,364 shares, compared to its average volume of 3,418,457. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company's 50-day moving average is $403.54 and its two-hundred day moving average is $450.43. The company has a market cap of $148.66 billion, a P/E ratio of 28.13, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. Adobe Inc. has a twelve month low of $332.01 and a twelve month 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.