Price T Rowe Associates Inc. MD Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Price T Rowe Associates Inc. MD trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 46.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,304,694 shares of the software company's stock after selling 2,903,393 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.76% of Adobe worth $1,469,533,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new stake in shares of Adobe in the 4th quarter valued at approximately $2,553,035,000. Edgewood Management LLC boosted its holdings in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock valued at $1,249,066,000 after buying an additional 92,458 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after buying an additional 163,983 shares during the period. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Evercore ISI lowered their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Robert W. Baird dropped their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. DA Davidson reduced their price target on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Finally, Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Eleven equities 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe Stock Performance

Shares of Adobe stock opened at $351.96 on Thursday. The company has a 50-day simple moving average of $396.80 and a two-hundred day simple moving average of $447.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a market capitalization of $150.01 billion, a PE ratio of 28.38, a P/E/G ratio of 2.15 and a beta of 1.49.

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, beating the consensus estimate 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 last year, the firm earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction that occurred 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 sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was 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 purchased 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was bought 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 owns 29,876 shares of the company's stock, 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. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last ninety days. 0.16% of the stock is 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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