J. Stern & Co. LLP Has $38.73 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

J. Stern & Co. LLP raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,106 shares of the software company's stock after purchasing an additional 5,267 shares during the period. Adobe accounts for about 3.6% of J. Stern & Co. LLP's investment portfolio, making the stock its 12th largest position. J. Stern & Co. LLP's holdings in Adobe were worth $38,734,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Virtu Financial LLC bought a new stake in Adobe in the third quarter worth $4,167,000. Morse Asset Management Inc boosted its stake in shares of Adobe by 32.6% during the 3rd quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock worth $4,398,000 after acquiring an additional 2,088 shares in the last quarter. Te Ahumairangi Investment Management Ltd increased its holdings in shares of Adobe by 12.9% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock valued at $2,294,000 after acquiring an additional 510 shares during the last quarter. Anchor Investment Management LLC increased its holdings in shares of Adobe by 1.6% during the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock valued at $8,420,000 after acquiring an additional 255 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co lifted its holdings in Adobe by 13.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company's stock worth $13,168,000 after purchasing an additional 3,071 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Mizuho reduced their price objective on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Citigroup cut their price objective on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. DA Davidson cut their price target on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Up 0.6 %

NASDAQ ADBE opened at $351.96 on Thursday. The stock's 50 day simple moving average is $396.80 and its 200 day simple moving average is $447.18. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm has a market cap of $150.01 billion, a PE ratio of 28.38, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the business earned $4.48 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, 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. Over the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

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.

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