Rathbones Group PLC Has $261.11 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Rathbones Group PLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 587,185 shares of the software company’s stock after acquiring an additional 46,375 shares during the quarter. Adobe comprises approximately 1.3% of Rathbones Group PLC’s holdings, making the stock its 17th largest position. Rathbones Group PLC’s holdings in Adobe were worth $261,109,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. U S Wealth Group LLC. bought a new stake in shares of Adobe during the 4th quarter worth $1,920,000. Twin Capital Management Inc. grew its position in shares of Adobe by 1.7% in the fourth quarter. Twin Capital Management Inc. now owns 9,806 shares of the software company’s stock valued at $4,361,000 after purchasing an additional 164 shares during the last quarter. Bell Asset Management Ltd grew its position in shares of Adobe by 40.9% in the fourth quarter. Bell Asset Management Ltd now owns 25,498 shares of the software company’s stock valued at $11,338,000 after purchasing an additional 7,402 shares during the last quarter. Concentrum Wealth Management grew its holdings in Adobe by 2.8% in the 4th quarter. Concentrum Wealth Management now owns 9,561 shares of the software company’s stock valued at $4,252,000 after buying an additional 257 shares during the last quarter. Finally, Benchmark Investment Advisors LLC grew its stake in shares of Adobe by 2.4% in the fourth quarter. Benchmark Investment Advisors LLC now owns 1,422 shares of the software company’s stock worth $632,000 after acquiring an additional 33 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Price Performance

Shares of ADBE stock opened at $349.07 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $333.36 and a 12 month high of $587.75. The firm has a market cap of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The stock has a 50-day moving average price of $425.66 and a 200 day moving average price of $463.29.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ADBE shares. Summit Redstone set a $410.00 target price on Adobe in a research report on Wednesday, March 19th. Morgan Stanley decreased their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Mizuho lowered their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. BMO Capital Markets decreased their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Barclays dropped their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $531.54.

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.