CX Institutional Has $1.15 Million Position in Adobe Inc. (NASDAQ:ADBE)

CX Institutional increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,596 shares of the software company’s stock after buying an additional 298 shares during the quarter. CX Institutional’s holdings in Adobe were worth $1,154,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares in the last quarter. Geode Capital Management LLC raised its stake in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares in the last quarter. FMR LLC lifted its holdings in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.4 %

Shares of NASDAQ ADBE opened at $435.38 on Friday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The stock has a market cap of $189.52 billion, a price-to-earnings ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. 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 company’s fifty day moving average is $469.50 and its 200-day moving average is $509.04.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the company posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADBE. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Mizuho reduced their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group decreased their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is owned by insiders.

Adobe 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.