Westpac Banking Corp Acquires 3,242 Shares of Adobe Inc. (NASDAQ:ADBE)

Westpac Banking Corp raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,530 shares of the software company's stock after buying an additional 3,242 shares during the period. Westpac Banking Corp's holdings in Adobe were worth $6,461,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADBE. United Bank lifted its position in Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company's stock worth $1,344,000 after acquiring an additional 428 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Adobe during the third quarter worth approximately $719,000. Benjamin Edwards Inc. increased its stake in shares of Adobe by 1,124.5% during the third quarter. Benjamin Edwards Inc. now owns 9,135 shares of the software company's stock worth $4,730,000 after purchasing an additional 8,389 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock worth $60,779,000 after purchasing an additional 78,384 shares during the last quarter. Finally, IHT Wealth Management LLC boosted its stake in Adobe by 9.0% in the 3rd quarter. IHT Wealth Management LLC now owns 4,907 shares of the software company's stock valued at $2,531,000 after purchasing an additional 406 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ADBE. Summit Redstone set a $410.00 target price on Adobe in a report on Wednesday, March 19th. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price on the stock in a research report on Wednesday, January 15th. Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research report on Thursday, December 12th. Finally, Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $531.54.

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Adobe Trading Down 4.8 %

Shares of Adobe stock traded down $18.53 on Thursday, hitting $367.25. The stock had a trading volume of 5,319,125 shares, compared to its average volume of 3,339,589. The stock has a 50 day moving average of $427.38 and a 200 day moving average of $465.15. The firm has a market capitalization of $156.52 billion, a P/E ratio of 29.62, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a twelve month low of $365.86 and a twelve month high of $587.75. 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 (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations 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 prior year, the company posted $4.48 EPS. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

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