Bell Bank Purchases 92 Shares of Adobe Inc. (NASDAQ:ADBE)

Bell Bank boosted its position in Adobe Inc. (NASDAQ:ADBE) by 7.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,351 shares of the software company’s stock after buying an additional 92 shares during the period. Bell Bank’s holdings in Adobe were worth $518,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp increased its holdings in Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC increased its holdings in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 2.6%

NASDAQ:ADBE opened at $401.73 on Tuesday. The company has a market cap of $171.22 billion, a P/E ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. The stock’s fifty day moving average price is $388.00 and its two-hundred day moving average price is $419.64. Adobe Inc. has a 1 year low of $332.01 and a 1 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.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on ADBE shares. Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. DA Davidson cut their target price on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Evercore ISI restated an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research note on Friday. Finally, Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $494.67.

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.