Nutshell Asset Management Ltd Purchases Shares of 30,293 Adobe Inc. (NASDAQ:ADBE)

Nutshell Asset Management Ltd purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 30,293 shares of the software company's stock, valued at approximately $13,471,000. Adobe accounts for about 8.5% of Nutshell Asset Management Ltd's investment portfolio, making the stock its 2nd biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Legacy Investment Solutions LLC bought a new position in Adobe in the third quarter valued at $26,000. Groupama Asset Managment grew its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $31,000. Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter worth about $31,000. Finally, Caitlin John LLC boosted its position in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after purchasing an additional 48 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Morgan Stanley decreased their price objective on shares of Adobe from $660.00 to $600.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. JPMorgan Chase & Co. reduced their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, TD Cowen cut Adobe from a "buy" rating to a "hold" rating and cut their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Eleven research 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 price target of $531.54.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company's stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Adobe Price Performance

NASDAQ:ADBE traded up $0.03 during mid-day trading on Wednesday, reaching $340.03. The stock had a trading volume of 2,032,119 shares, compared to its average volume of 3,939,695. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market capitalization of $144.92 billion, a PE ratio of 27.47, a P/E/G 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. The stock has a 50-day simple moving average of $419.61 and a two-hundred day simple moving average of $459.85.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate 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 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.