NewEdge Advisors LLC Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

NewEdge Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,519 shares of the software company’s stock after buying an additional 1,983 shares during the quarter. NewEdge Advisors LLC’s holdings in Adobe were worth $18,018,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Adobe during the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% during 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 purchasing an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares during the period. FIL Ltd increased its stake in Adobe by 130.9% in the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after buying an additional 730,520 shares in the last quarter. Finally, Edgewood Management LLC raised its holdings in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after acquiring an additional 696,172 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Mizuho cut their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Royal Bank of Canada dropped their price objective on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a report on Monday. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $513.27.

Adobe Price Performance

Shares of ADBE stock opened at $344.19 on Thursday. The company has a market capitalization of $146.69 billion, a P/E ratio of 27.76, a P/E/G ratio of 2.15 and a beta of 1.49. The company’s 50-day simple moving average is $407.79 and its two-hundred day simple moving average is $452.66. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations 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 prior year, the firm earned $4.48 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Adobe 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.