Folger Nolan Fleming Douglas Capital Management Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Folger Nolan Fleming Douglas Capital Management Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,761 shares of the software company’s stock after buying an additional 127 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Adobe were worth $5,278,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC lifted its stake in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. Citigroup upped their price objective on Adobe from $430.00 to $465.00 and gave the stock a “neutral” rating in a research note on Tuesday. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Stifel Nicolaus decreased their price target on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Finally, DA Davidson decreased their price target on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $503.33.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Up 0.2%

Shares of ADBE opened at $413.68 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock’s 50 day moving average is $385.73 and its two-hundred day moving average is $422.64. The firm has a market cap of $176.31 billion, a P/E ratio of 33.36, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.