Factory Mutual Insurance Co. Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Factory Mutual Insurance Co. raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 32.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,150 shares of the software company’s stock after purchasing an additional 21,600 shares during the quarter. Factory Mutual Insurance Co.’s holdings in Adobe were worth $39,643,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ADBE. Czech National Bank increased its stake in shares of Adobe by 5.8% in the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock worth $46,768,000 after acquiring an additional 4,954 shares during the period. Unique Wealth LLC boosted its holdings in Adobe by 17.0% during the third quarter. Unique Wealth LLC now owns 3,526 shares of the software company’s stock worth $1,826,000 after buying an additional 512 shares in the last quarter. Canandaigua National Bank & Trust Co. boosted its holdings in Adobe by 10.8% during the third quarter. Canandaigua National Bank & Trust Co. now owns 7,005 shares of the software company’s stock worth $3,627,000 after buying an additional 685 shares in the last quarter. Apella Capital LLC boosted its holdings in Adobe by 6.2% during the third quarter. Apella Capital LLC now owns 631 shares of the software company’s stock worth $319,000 after buying an additional 37 shares in the last quarter. Finally, Private Client Services LLC boosted its holdings in Adobe by 10.0% during the third quarter. Private Client Services LLC now owns 3,642 shares of the software company’s stock worth $1,886,000 after buying an additional 331 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 1.9 %

Shares of Adobe stock opened at $437.45 on Friday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a 50 day moving average of $463.46 and a 200 day moving average of $504.74. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $190.42 billion, a P/E ratio of 35.28, a P/E/G ratio of 2.14 and a beta of 1.31.

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

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of Adobe 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 sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $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 accessible through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. UBS Group decreased their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Jefferies Financial Group decreased their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Piper Sandler decreased their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.