Shell Asset Management Co. Has $5.66 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Shell Asset Management Co. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 10.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,732 shares of the software company’s stock after selling 1,501 shares during the quarter. Shell Asset Management Co.’s holdings in Adobe were worth $5,662,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ADBE. Decker Retirement Planning Inc. acquired a new position in Adobe during the fourth quarter valued at approximately $31,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter valued at approximately $31,000. Caitlin John LLC grew its holdings in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the period. Avion Wealth grew its holdings in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after purchasing an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC grew its holdings in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. BMO Capital Markets reduced their price target on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Robert W. Baird reduced their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $502.88.

Adobe Trading Up 1.3%

Shares of Adobe stock opened at $404.69 on Friday. The company has a market capitalization of $172.48 billion, a price-to-earnings ratio of 32.64, a PEG ratio of 2.15 and a beta of 1.55. 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 12-month low of $332.01 and a 12-month high of $587.75. The firm’s 50-day moving average price is $376.01 and its two-hundred day moving average price is $434.77.

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 analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the company posted $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.16% of the company’s stock.

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.