Adobe Inc. (NASDAQ:ADBE) Shares Bought by New Century Financial Group LLC

New Century Financial Group LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 973 shares of the software company’s stock after acquiring an additional 53 shares during the quarter. New Century Financial Group LLC’s holdings in Adobe were worth $419,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB raised its position in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board raised its holdings in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares during the period. GAMMA Investing LLC lifted its position in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the period. Finally, Morse Asset Management Inc increased its position in shares of Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Royal Bank of Canada lowered their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Oppenheimer lowered their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein cut their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus lowered their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $435.38 on Friday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $189.52 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The company’s fifty day moving average price is $469.50 and its 200 day moving average price is $509.04.

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

Insider Activity

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.15% 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.