Adobe Inc. (NASDAQ:ADBE) Shares Sold by Dodge & Cox

Dodge & Cox lowered its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the fourth quarter, HoldingsChannel reports. The firm owned 20,950 shares of the software company’s stock after selling 267 shares during the period. Dodge & Cox’s holdings in Adobe were worth $9,316,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC boosted its stake in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares in the last quarter. FIL Ltd increased its stake in shares of Adobe by 130.9% in the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after acquiring an additional 730,520 shares during the last quarter. Finally, Edgewood Management LLC raised its holdings in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. UBS Group cut their price objective on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Morgan Stanley cut their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. 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 report on Monday, March 31st. Finally, Oppenheimer decreased their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $518.46.

Adobe Stock Performance

Shares of Adobe stock opened at $350.38 on Wednesday. The business has a 50-day simple moving average of $409.57 and a 200-day simple moving average of $453.41. 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 cap of $149.33 billion, a PE ratio of 28.26, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for 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 prior year, the firm posted $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated 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 transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last ninety days. 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.