Allstate Corp Buys 12,676 Shares of Adobe Inc. (NASDAQ:ADBE)

Allstate Corp raised its stake in Adobe Inc. (NASDAQ:ADBE) by 3,176.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,075 shares of the software company’s stock after purchasing an additional 12,676 shares during the quarter. Allstate Corp’s holdings in Adobe were worth $5,814,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of ADBE. Norges Bank purchased a new stake in Adobe in the 4th quarter valued at $2,553,035,000. Proficio Capital Partners LLC grew its stake in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Adobe in the fourth quarter valued at about $243,827,000. Assenagon Asset Management S.A. lifted its position in shares of Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd purchased a new position in Adobe during the fourth quarter worth about $110,744,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ADBE. Summit Redstone set a $410.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $530.00 price target on shares of Adobe in a report on Wednesday, March 19th. Wells Fargo & Company reduced their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $533.85.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $385.71 on Friday. The company has a 50 day moving average of $431.81 and a 200 day moving average of $470.42. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $167.94 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75.

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

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last ninety days. 0.16% of the stock is currently owned by insiders.

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.