AGP Franklin LLC Invests $1.32 Million in Adobe Inc. (NASDAQ:ADBE)

AGP Franklin LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,959 shares of the software company's stock, valued at approximately $1,316,000.

Several other large investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Norges Bank acquired a new stake in Adobe during the fourth quarter worth about $2,553,035,000. Edgewood Management LLC raised its holdings in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock worth $1,249,066,000 after purchasing an additional 92,458 shares during the period. Finally, Franklin Resources Inc. grew its holdings in shares of Adobe by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after purchasing an additional 163,983 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 1.3 %

Shares of NASDAQ:ADBE traded up $4.61 during midday trading on Friday, hitting $348.80. 5,206,364 shares of the stock were exchanged, compared to its average volume of 3,419,004. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The business's fifty day simple moving average is $403.54 and its two-hundred day simple moving average is $450.04. The company has a market capitalization of $148.66 billion, a PE ratio of 28.13, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. Wells Fargo & Company cut their target price on shares of Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a research note on Friday, March 7th. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. 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 report on Friday, April 11th. BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. Finally, Evercore ISI dropped their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Eleven 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $513.27.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction on 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 directly owns 18,334 shares of the company's stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company's stock.

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.