Bank of Marin Acquires 237 Shares of Adobe Inc. (NASDAQ:ADBE)

Bank of Marin lifted its position in Adobe Inc. (NASDAQ:ADBE) by 12.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,164 shares of the software company’s stock after acquiring an additional 237 shares during the quarter. Bank of Marin’s holdings in Adobe were worth $962,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Adobe by 1.3% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 82,038 shares of the software company’s stock worth $36,503,000 after buying an additional 1,051 shares in the last quarter. Xponance Inc. grew its position in Adobe by 2.0% during the fourth quarter. Xponance Inc. now owns 110,472 shares of the software company’s stock valued at $49,125,000 after acquiring an additional 2,167 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Adobe by 87.2% during the fourth quarter. Intech Investment Management LLC now owns 166,718 shares of the software company’s stock valued at $74,136,000 after purchasing an additional 77,666 shares during the period. Generali Asset Management SPA SGR purchased a new stake in Adobe in the fourth quarter worth $20,408,000. Finally, Advisors Asset Management Inc. lifted its stake in Adobe by 8.6% in the fourth quarter. Advisors Asset Management Inc. now owns 22,219 shares of the software company’s stock worth $9,880,000 after acquiring an additional 1,761 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last three months. Company insiders own 0.16% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $391.37 on Wednesday. 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 1 year low of $374.50 and a 1 year high of $587.75. The business has a fifty day simple moving average of $435.77 and a 200 day simple moving average of $479.02. The firm has a market cap of $170.40 billion, a price-to-earnings ratio of 31.56, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Bank of America reduced their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Stifel Nicolaus reduced their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. 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 research report on Thursday, December 12th. Finally, Citigroup lowered their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $542.00.

Adobe Company 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.