Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 522,917 shares of the software company's stock after buying an additional 57,634 shares during the period. Victory Capital Management Inc. owned 0.12% of Adobe worth $232,531,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of ADBE. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. FMR LLC increased its position in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock worth $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd acquired a new stake in Adobe during the fourth quarter worth about $110,744,000. Finally, Erste Asset Management GmbH acquired a new stake in Adobe during the third quarter worth about $126,703,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The stock was 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 in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last ninety days. Corporate insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ADBE shares. DA Davidson cut their price objective on shares of Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. Barclays cut their price objective on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a research report on Thursday, December 12th. Citigroup dropped their price target on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research report on Monday, December 9th. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Finally, BMO Capital Markets dropped their price target on shares of Adobe from $570.00 to $515.00 and set an "outperform" rating for the company in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $570.88.

Adobe Stock Performance

Shares of Adobe stock traded up $5.21 during trading on Wednesday, reaching $451.24. The company's stock had a trading volume of 2,404,505 shares, compared to its average volume of 3,415,368. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average price of $439.61 and a two-hundred day moving average price of $488.77. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The firm has a market cap of $196.42 billion, a PE ratio of 36.39, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. During the same period last year, the company posted $3.52 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 16.65 EPS 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.