Russell Investments Group Ltd. Raises Stake in Adobe Inc. (NASDAQ:ADBE)
Russell Investments Group Ltd. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 2.7% in Q4, owning 525,878 shares valued at $233.9 million. Other investors also adjusted their positions, with 81.79% of the stock held by institutional investors. Adobe's stock is currently trading at $349.07, down 5.0%. The company reported $5.08 EPS, exceeding estimates, and analysts have mixed ratings with a consensus target price of $531.54. Insider selling was noted, with CAO Jillian Forusz selling shares at $435.83.
Russell Investments Group Ltd. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 525,878 shares of the software company's stock after buying an additional 13,612 shares during the quarter. Russell Investments Group Ltd. owned 0.12% of Adobe worth $233,913,000 at the end of the most recent reporting period.
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Several other large investors have also made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment raised its position in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after acquiring an additional 11,522 shares during the period. Decker Retirement Planning Inc. purchased a new stake in shares of Adobe during the 4th quarter worth about $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter valued at about $31,000. Finally, Caitlin John LLC increased its stake in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after purchasing an additional 48 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Adobe Trading Down 5.0 %
NASDAQ ADBE opened at $349.07 on Friday. The stock has a market capitalization of $148.77 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The firm has a 50 day moving average of $425.66 and a two-hundred day moving average of $463.96. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $348.80 and a 52 week high of $587.75.
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Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. Morgan Stanley dropped their price target on shares of Adobe from $660.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Robert W. Baird reduced their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Bank of America reduced their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Evercore ISI lowered their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, UBS Group set a $495.00 target price on shares of Adobe in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $531.54.
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Read Our Latest Analysis on ADBE
Insider Buying and Selling at Adobe
In related news, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.
About Adobe
(Free Report)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.
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