Manchester Capital Management LLC Purchases 68 Shares of Adobe Inc. (NASDAQ:ADBE)

Manchester Capital Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,058 shares of the software company’s stock after buying an additional 68 shares during the quarter. Manchester Capital Management LLC’s holdings in Adobe were worth $1,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC increased its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. FMR LLC increased its stake in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the period. Seilern Investment Management Ltd purchased a new position in shares of Adobe during the fourth quarter valued at approximately $110,744,000. Finally, Erste Asset Management GmbH purchased a new position in shares of Adobe during the third quarter valued at approximately $126,703,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company dropped their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Sanford C. Bernstein dropped their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.2 %

Shares of ADBE opened at $460.16 on Friday. The business’s 50 day moving average is $448.41 and its 200 day moving average is $497.41. The company has a market capitalization of $200.31 billion, a PE ratio of 37.11, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $607.32. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.52 EPS. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of Adobe 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 completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last quarter. 0.15% of the stock is owned by corporate 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.