Frank Rimerman Advisors LLC Has $4.01 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Frank Rimerman Advisors LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 61.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,010 shares of the software company’s stock after acquiring an additional 3,413 shares during the period. Frank Rimerman Advisors LLC’s holdings in Adobe were worth $4,007,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Swedbank AB increased its holdings in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares in the last quarter. United Bank increased its holdings in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares in the last quarter. MQS Management LLC acquired a new position in Adobe in the 3rd quarter worth about $234,000. Curi RMB Capital LLC increased its holdings in Adobe by 2.2% in the 3rd quarter. Curi RMB Capital LLC now owns 17,983 shares of the software company’s stock worth $9,311,000 after purchasing an additional 385 shares in the last quarter. Finally, Lifeworks Advisors LLC increased its holdings in Adobe by 4.1% in the 3rd quarter. Lifeworks Advisors LLC now owns 664 shares of the software company’s stock worth $344,000 after purchasing an additional 26 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADBE shares. Stifel Nicolaus lowered their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday. KeyCorp lowered their target price on Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a report on Thursday. Jefferies Financial Group decreased their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup decreased their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Finally, BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.46.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of the company’s 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 completion of the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last 90 days. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Up 4.5 %

Shares of NASDAQ:ADBE opened at $394.74 on Friday. The business’s 50 day simple moving average is $437.03 and its two-hundred day simple moving average is $482.65. The firm has a market cap of $171.87 billion, a P/E ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. 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 52-week low of $374.50 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company earned $4.48 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.