Exchange Capital Management Inc. Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Exchange Capital Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 0.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 9,357 shares of the software company’s stock after buying an additional 42 shares during the quarter. Exchange Capital Management Inc.’s holdings in Adobe were worth $4,161,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. State Street Corp increased its position in shares of Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after buying an additional 234,909 shares during the period. Geode Capital Management LLC raised its holdings in Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares in the last quarter. FMR LLC increased its holdings 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 acquiring an additional 787,356 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after buying an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 0.0 %

ADBE opened at $444.42 on Tuesday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The stock has a market capitalization of $193.46 billion, a price-to-earnings ratio of 35.84, a PEG ratio of 2.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day moving average price of $440.12 and a 200 day moving average price of $493.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 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%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.52 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 20th. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BMO Capital Markets dropped their target price on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Finally, Bank of America reduced their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

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.