Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Country Trust Bank

Country Trust Bank boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 86,023 shares of the software company's stock after acquiring an additional 10,829 shares during the quarter. Country Trust Bank's holdings in Adobe were worth $38,253,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ADBE. International Assets Investment Management LLC boosted its holdings in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock worth $713,703,000 after buying an additional 1,376,333 shares in the last quarter. FMR LLC boosted its stake in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock valued at $519,646,000 after acquiring an additional 347,536 shares during the period. Seilern Investment Management Ltd purchased a new position in shares of Adobe in the 4th quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH acquired a new position in Adobe in the 3rd quarter worth about $126,703,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the business's stock in a transaction dated 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 in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last ninety days. Insiders own 0.15% of the company's stock.

Adobe Stock Down 1.9 %

NASDAQ:ADBE traded down $8.55 during trading hours on Friday, hitting $437.45. The company's stock had a trading volume of 4,684,105 shares, compared to its average volume of 4,003,151. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $190.42 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31. The stock has a fifty day moving average of $463.46 and a 200-day moving average of $504.74.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.52 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. BMO Capital Markets cut their price target on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Barclays cut their target price on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. Finally, Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $573.00.

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.