CCM Investment Advisers LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

CCM Investment Advisers LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,405 shares of the software company's stock after purchasing an additional 2,359 shares during the quarter. CCM Investment Advisers LLC's holdings in Adobe were worth $13,521,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. State Street Corp lifted its holdings in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company's stock valued at $10,495,544,000 after acquiring an additional 234,909 shares during the last quarter. Geode Capital Management LLC boosted its stake in Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC grew its holdings in shares of Adobe by 8.8% during the third 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 in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Adobe by 3.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company's stock valued at $2,455,079,000 after acquiring an additional 140,390 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $13.66 on Friday, reaching $405.92. 5,549,778 shares of the company's stock were exchanged, compared to its average volume of 4,226,834. Adobe Inc. has a twelve month low of $405.32 and a twelve month high of $638.25. The company has a fifty day moving average of $485.54 and a 200-day moving average of $517.97. The company has a market capitalization of $178.69 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.51 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. Adobe's revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.52 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company's stock, valued at approximately $9,675,744.42. The trade was a 7.51 % 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 stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company's stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on ADBE. UBS Group decreased their target price on shares of Adobe from $525.00 to $475.00 and set a "neutral" rating for the company in a research report on Friday, January 3rd. Royal Bank of Canada dropped their target price on shares of Adobe from $610.00 to $590.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Mizuho lowered their price objective on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Barclays dropped their price target on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a research report on Thursday, December 12th. Finally, Argus upgraded Adobe to a "strong-buy" rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $575.85.

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.