Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Optas LLC

Optas LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 32.1% in the first quarter, HoldingsChannel.com reports. The fund owned 1,250 shares of the software company’s stock after buying an additional 304 shares during the quarter. Optas LLC’s holdings in Adobe were worth $479,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC increased its position in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA bought a new position in shares of Adobe during the fourth quarter worth about $76,712,000. Root Financial Partners LLC grew its position in shares of Adobe by 40.9% during the fourth quarter. Root Financial Partners LLC now owns 603 shares of the software company’s stock worth $268,000 after acquiring an additional 175 shares during the last quarter. Valeo Financial Advisors LLC increased 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 worth $3,521,000 after acquiring an additional 523 shares during the period. Finally, Bank Pictet & Cie Europe AG lifted its position in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after purchasing an additional 756 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ADBE. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company increased their price objective on Adobe from $430.00 to $470.00 and gave the stock an “overweight” rating in a report on Friday. BMO Capital Markets reaffirmed an “outperform” rating and set a $450.00 target price on shares of Adobe in a research note on Friday. Bank of America boosted their price target on Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research report on Friday. Finally, DA Davidson decreased their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $494.67.

Adobe Trading Down 5.3%

NASDAQ:ADBE opened at $391.68 on Friday. The stock has a fifty day simple moving average of $386.76 and a 200 day simple moving average of $421.08. The firm has a market capitalization of $166.93 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. 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 (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates 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 firm earned $4.48 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by company insiders.

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.