Geode Capital Management LLC Has $4.74 Billion Stock Position in Adobe Inc. (NASDAQ:ADBE)

Geode Capital Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,680,375 shares of the software company's stock after buying an additional 151,286 shares during the quarter. Geode Capital Management LLC owned about 2.45% of Adobe worth $4,739,788,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. United Bank grew its stake in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after buying an additional 428 shares in the last quarter. Edgestream Partners L.P. bought a new stake in Adobe in the 3rd quarter worth approximately $719,000. Tradition Wealth Management LLC raised its position in Adobe by 2.8% in the 3rd quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company's stock worth $1,370,000 after purchasing an additional 73 shares during the period. True Wealth Design LLC boosted its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, FSA Wealth Management LLC purchased a new stake in Adobe during the 3rd quarter valued at $81,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 4.7 %

Shares of Adobe stock traded down $18.32 on Thursday, hitting $367.46. 4,013,516 shares of the company's stock traded hands, compared to its average volume of 3,813,364. The stock has a market cap of $156.61 billion, a P/E ratio of 29.63, a PEG ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $366.75 and a 52-week high of $587.75. The firm's 50-day moving average is $428.78 and its 200 day moving average is $465.84.

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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, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company earned $4.48 earnings per share. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction on Tuesday, January 28th. The shares were 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 of the company's stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ADBE shares. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Barclays cut their price target on 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 Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $531.54.

Adobe 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.