Choate Investment Advisors Has $15.55 Million Position in Adobe Inc. (NASDAQ:ADBE)

Choate Investment Advisors grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 57.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,974 shares of the software company’s stock after acquiring an additional 12,775 shares during the period. Choate Investment Advisors’ holdings in Adobe were worth $15,552,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Proficio Capital Partners LLC grew its stake in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the period. FMR LLC boosted its stake in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Adobe during the 4th quarter worth approximately $243,827,000. Assenagon Asset Management S.A. raised its stake in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Finally, Seilern Investment Management Ltd bought a new position in shares of Adobe in the fourth quarter valued at approximately $110,744,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADBE. Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Citigroup dropped their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. dropped their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday. Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, KeyCorp dropped their price objective on Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.60.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated 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 completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. 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 dated Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by insiders.

Adobe Stock Up 4.5 %

ADBE stock opened at $394.74 on Friday. 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 firm has a market capitalization of $171.87 billion, a PE ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The stock has a 50-day simple moving average of $437.03 and a two-hundred day simple moving average of $482.06.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the firm earned $4.48 EPS. On average, equities analysts predict 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.