Bank Pictet & Cie Europe AG Buys 756 Shares of Adobe Inc. (NASDAQ:ADBE)

Bank Pictet & Cie Europe AG raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the 4th quarter, Holdings Channel reports. The firm owned 28,969 shares of the software company’s stock after acquiring an additional 756 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Adobe were worth $12,882,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Valeo Financial Advisors LLC lifted its holdings in shares of Adobe by 7.1% in the 4th quarter. Valeo Financial Advisors LLC now owns 7,919 shares of the software company’s stock valued at $3,521,000 after acquiring an additional 523 shares during the last quarter. Klingenstein Fields & Co. LP lifted its holdings in shares of Adobe by 1.4% in the 4th quarter. Klingenstein Fields & Co. LP now owns 25,401 shares of the software company’s stock valued at $11,295,000 after acquiring an additional 359 shares during the last quarter. Pictet North America Advisors SA lifted its holdings in shares of Adobe by 37.4% in the 4th quarter. Pictet North America Advisors SA now owns 6,914 shares of the software company’s stock valued at $3,075,000 after acquiring an additional 1,881 shares during the last quarter. W.H. Cornerstone Investments Inc. lifted its holdings in shares of Adobe by 3.2% in the 4th quarter. W.H. Cornerstone Investments Inc. now owns 1,070 shares of the software company’s stock valued at $476,000 after acquiring an additional 33 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in shares of Adobe by 3.6% in the 4th quarter. V Square Quantitative Management LLC now owns 11,501 shares of the software company’s stock valued at $5,114,000 after acquiring an additional 396 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 15th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company reduced their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $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 a total of 5,681 shares of company stock worth $2,525,126 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $460.16 on Friday. The firm has a market cap of $200.31 billion, a price-to-earnings ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31. The company’s 50 day moving average is $448.41 and its 200 day moving average is $497.41. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $607.32.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $3.52 earnings per share. On average, sell-side analysts anticipate 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.