Adobe Inc. (NASDAQ:ADBE) Shares Bought by Fisher Asset Management LLC

Fisher Asset Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 4,859,584 shares of the software company’s stock after buying an additional 93,143 shares during the quarter. Adobe accounts for approximately 1.0% of Fisher Asset Management LLC’s investment portfolio, making the stock its 28th biggest holding. Fisher Asset Management LLC’s holdings in Adobe were worth $2,516,196,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in ADBE. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the third quarter valued at $30,000. Summit Securities Group LLC acquired a new position in Adobe in the second quarter valued at $33,000. Briaud Financial Planning Inc purchased a new position in shares of Adobe during the third quarter worth about $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at about $38,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ADBE shares. UBS Group reduced their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Finally, Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

ADBE stock opened at $512.15 on Monday. The company has a market cap of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a 50-day moving average price of $503.13 and a two-hundred day moving average price of $519.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Adobe 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.