Van ECK Associates Corp Has $386.58 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Van ECK Associates Corp cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 869,348 shares of the software company’s stock after selling 14,668 shares during the quarter. Van ECK Associates Corp’s holdings in Adobe were worth $386,582,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in Adobe in the third quarter valued at $26,000. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the third quarter worth about $30,000. True Wealth Design LLC raised its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe in the third quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. BMO Capital Markets reduced their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein reduced their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company lowered their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

NASDAQ:ADBE opened at $462.76 on Thursday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $610.33. 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 stock has a market cap of $201.44 billion, a P/E ratio of 37.32, a PEG ratio of 2.11 and a beta of 1.31. The business’s 50-day moving average price is $451.47 and its two-hundred day moving average price is $497.93.

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

About Adobe

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.