Intech Investment Management LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Intech Investment Management LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 87.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 166,718 shares of the software company’s stock after acquiring an additional 77,666 shares during the quarter. Adobe comprises about 2.2% of Intech Investment Management LLC’s holdings, making the stock its 10th largest position. Intech Investment Management LLC’s holdings in Adobe were worth $74,136,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Swedbank AB lifted its holdings in Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares during the period. United Bank lifted its holdings in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after buying an additional 428 shares during the period. Claro Advisors LLC lifted its holdings in Adobe by 31.2% in the third quarter. Claro Advisors LLC now owns 1,326 shares of the software company’s stock valued at $687,000 after buying an additional 315 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Adobe by 8.6% in the third quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock valued at $44,036,000 after buying an additional 6,720 shares during the period. Finally, Glass Wealth Management Co LLC lifted its holdings in Adobe by 5.3% in the third quarter. Glass Wealth Management Co LLC now owns 5,655 shares of the software company’s stock valued at $2,928,000 after buying an additional 283 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE opened at $399.34 on Tuesday. The firm has a 50-day moving average of $436.39 and a 200-day moving average of $480.30. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company has a market cap of $173.88 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the topic of several analyst reports. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Robert W. Baird cut their target price on shares of Adobe from $500.00 to $490.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Citigroup cut their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Royal Bank of Canada cut their target price on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Jefferies Financial Group cut their target price 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. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $540.60.

Insider Activity

In related news, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last quarter. Company insiders own 0.16% of the company’s stock.

About Adobe

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.