Norris Perne & French LLP MI Buys 223 Shares of Adobe Inc. (NASDAQ:ADBE)

Norris Perne & French LLP MI boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,514 shares of the software company’s stock after acquiring an additional 223 shares during the period. Norris Perne & French LLP MI’s holdings in Adobe were worth $20,239,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Advisory Alpha LLC bought a new position in Adobe during the second quarter worth $224,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Adobe during the second quarter valued at about $43,000. Coronation Fund Managers Ltd. grew its position in Adobe by 124.2% during the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock worth $2,528,000 after buying an additional 2,521 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Adobe by 24.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 218,161 shares of the software company’s stock valued at $121,197,000 after acquiring an additional 42,726 shares during the period. Finally, Anchor Investment Management LLC raised its holdings in Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 1.0 %

NASDAQ:ADBE opened at $446.00 on Friday. The stock has a 50-day simple moving average of $464.63 and a 200 day simple moving average of $505.15. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a market cap of $194.14 billion, a PE ratio of 35.97, a PEG ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Insider Buying and Selling at Adobe

In other Adobe 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 transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ADBE. Royal Bank of Canada lowered their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Mizuho lowered their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.