Ally Financial Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Ally Financial Inc. raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 200.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,000 shares of the software company's stock after purchasing an additional 10,000 shares during the period. Adobe accounts for about 0.8% of Ally Financial Inc.'s portfolio, making the stock its 26th biggest position. Ally Financial Inc.'s holdings in Adobe were worth $6,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Decker Retirement Planning Inc. purchased a new stake in shares of Adobe in the fourth quarter valued at $31,000. Summit Securities Group LLC bought a new stake in Adobe in the fourth quarter worth about $31,000. Caitlin John LLC boosted its position in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after buying an additional 48 shares during the period. Avion Wealth raised its holdings in shares of Adobe by 112.2% in the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after buying an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC boosted its holdings in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. BMO Capital Markets decreased their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. DA Davidson decreased their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America reduced their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average target price of $506.73.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, 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. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $8.13 on Tuesday, hitting $351.35. 1,354,648 shares of the company were exchanged, compared to its average volume of 3,985,423. The firm has a market capitalization of $149.75 billion, a P/E ratio of 28.33, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock's 50 day moving average price is $401.15 and its 200 day moving average price is $448.52.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating 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 business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 EPS. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.