Phoenix Financial Ltd. Has $28.49 Million Position in Adobe Inc. (NASDAQ:ADBE)

Phoenix Financial Ltd. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,070 shares of the software company's stock after buying an additional 9,901 shares during the quarter. Phoenix Financial Ltd.'s holdings in Adobe were worth $28,492,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Nordea Investment Management AB grew its stake in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock valued at $765,094,000 after buying an additional 33,414 shares in the last quarter. Arizona State Retirement System raised its position in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after purchasing an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after purchasing an additional 1,326 shares during the last quarter. M. Kraus & Co acquired a new position in shares of Adobe during the fourth quarter worth about $3,285,000. Finally, Silicon Valley Capital Partners increased its stake in Adobe by 4.1% in the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after purchasing an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

ADBE traded down $2.06 during trading on Monday, hitting $350.41. The company's stock had a trading volume of 1,248,618 shares, compared to its average volume of 3,391,054. 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 $149.34 billion, a price-to-earnings ratio of 28.26, a price-to-earnings-growth 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. The firm's 50 day moving average price is $413.00 and its two-hundred day moving average price is $455.28.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm posted $4.48 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. StockNews.com cut shares of Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Wells Fargo & Company reduced their price objective on shares of Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a research note on Friday, March 7th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Royal Bank of Canada reduced their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $525.19.

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company's stock.

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.