Jacobi Capital Management LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Jacobi Capital Management LLC lifted its position in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 80.0% in the first quarter, HoldingsChannel.com reports. The firm owned 1,600 shares of the software company’s stock after purchasing an additional 711 shares during the quarter. Jacobi Capital Management LLC’s holdings in Adobe were worth $729,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Norges Bank purchased a new position in Adobe during the fourth quarter valued at $2,378,829,000. Castleview Partners LLC purchased a new position in Adobe during the fourth quarter valued at $3,260,000. BlackRock Inc. grew its stake in Adobe by 3.3% during the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after acquiring an additional 1,212,093 shares in the last quarter. C WorldWide Group Holding A S purchased a new position in Adobe during the fourth quarter valued at $445,585,000. Finally, State Street Corp grew its stake in Adobe by 3.4% during the fourth quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after acquiring an additional 643,656 shares in the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Wells Fargo & Company cut their target price on shares of Adobe from $525.00 to $425.00 and set an “overweight” rating for the company in a research note on Friday, June 17th. Jefferies Financial Group lowered their price objective on shares of Adobe from $550.00 to $500.00 in a research report on Friday, June 17th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, July 19th. Stifel Nicolaus lowered their price objective on shares of Adobe from $600.00 to $500.00 in a research report on Friday, June 17th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Adobe from $575.00 to $500.00 in a research report on Friday, June 17th. Six research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $489.31.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at approximately $1,010,033.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the sale, the executive vice president now owns 26,089 shares of the company’s stock, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total transaction of $54,087.00. Following the sale, the chief accounting officer now directly owns 2,465 shares in the company, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. Insiders have sold a total of 3,637 shares of company stock valued at $1,438,682 in the last 90 days. Insiders own 0.23% of the company’s stock.

Adobe Trading Up 0.7 %

NASDAQ ADBE opened at $433.43 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $202.85 billion, a price-to-earnings ratio of 42.33, a price-to-earnings-growth ratio of 2.37 and a beta of 1.12. The company’s 50-day simple moving average is $392.99 and its two-hundred day simple moving average is $427.73. Adobe Inc. has a one year low of $338.00 and a one year high of $699.54.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings data on Thursday, June 16th. The software company reported $2.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The firm had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the firm earned $2.56 EPS. Equities analysts forecast that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Adobe Profile

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Adobe Inc 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.