Johnson Investment Counsel Inc. Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Johnson Investment Counsel Inc. lifted its position in Adobe Inc. (NASDAQ:ADBE) by 2.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 145,126 shares of the software company’s stock after buying an additional 3,431 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Adobe were worth $64,535,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Connable Office Inc. grew its holdings in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the last quarter. 1ST Source Bank boosted its position in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares in the last quarter. Holistic Financial Partners grew its stake in Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after buying an additional 22 shares during the last quarter. Foster Group Inc. increased its position in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after buying an additional 23 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC increased its position in Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after buying an additional 23 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $449.40 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s fifty day moving average is $439.56 and its two-hundred day moving average is $486.60. The firm has a market capitalization of $195.67 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. UBS Group dropped their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Royal Bank of Canada cut their price target on shares of Adobe from $590.00 to $550.00 and set an “outperform” rating on the stock in a research note on Friday. Wells Fargo & Company lowered their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday. Finally, TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $567.81.

Insiders Place Their Bets

In related news, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on 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 directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.15% of the stock is owned by insiders.

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.