Callahan Advisors LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Callahan Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 30.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,566 shares of the software company’s stock after purchasing an additional 3,381 shares during the quarter. Callahan Advisors LLC’s holdings in Adobe were worth $6,477,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Kentucky Retirement Systems Insurance Trust Fund increased its position in shares of Adobe by 25.4% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 16,463 shares of the software company’s stock valued at $7,321,000 after acquiring an additional 3,335 shares during the period. Ramsay Stattman Vela & Price Inc. increased its position in shares of Adobe by 1.5% in the fourth quarter. Ramsay Stattman Vela & Price Inc. now owns 11,560 shares of the software company’s stock valued at $5,141,000 after acquiring an additional 175 shares during the period. Valley Wealth Managers Inc. increased its position in shares of Adobe by 21.1% in the fourth quarter. Valley Wealth Managers Inc. now owns 2,292 shares of the software company’s stock valued at $1,019,000 after acquiring an additional 399 shares during the period. Waycross Partners LLC increased its position in shares of Adobe by 2.9% in the fourth quarter. Waycross Partners LLC now owns 32,408 shares of the software company’s stock valued at $14,411,000 after acquiring an additional 927 shares during the period. Finally, Beaton Management Co. Inc. increased its position in shares of Adobe by 3.7% in the fourth quarter. Beaton Management Co. Inc. now owns 2,770 shares of the software company’s stock valued at $1,232,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of analyst reports. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Barclays reduced their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 0.2 %

Shares of NASDAQ ADBE opened at $460.16 on Tuesday. The firm’s 50 day moving average price is $444.80 and its 200-day moving average price is $495.59. The company has a market cap of $200.31 billion, a PE ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $607.32. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

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.