Guinness Asset Management LTD Buys 18,119 Shares of Adobe Inc. (NASDAQ:ADBE)

Guinness Asset Management LTD increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 27.7% in the 4th quarter, HoldingsChannel reports. The firm owned 83,593 shares of the software company’s stock after acquiring an additional 18,119 shares during the quarter. Guinness Asset Management LTD’s holdings in Adobe were worth $37,172,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADBE. Pacer Advisors Inc. lifted its stake in Adobe by 5.2% during the second quarter. Pacer Advisors Inc. now owns 67,645 shares of the software company’s stock worth $37,580,000 after purchasing an additional 3,355 shares during the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Adobe by 26.5% during the 2nd quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock worth $5,159,000 after buying an additional 1,948 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Adobe by 333.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock worth $3,947,000 after buying an additional 5,465 shares during the last quarter. Frank Rimerman Advisors LLC boosted its stake in Adobe by 1,079.7% in the second quarter. Frank Rimerman Advisors LLC now owns 9,697 shares of the software company’s stock valued at $5,387,000 after buying an additional 8,875 shares in the last quarter. Finally, Greenline Partners LLC bought a new position in Adobe in the second quarter valued at about $413,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on ADBE shares. Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets decreased their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. Finally, Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock worth $893,665 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Trading Up 0.7 %

NASDAQ ADBE opened at $429.99 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11. The stock has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31. The business has a 50 day simple moving average of $476.55 and a 200 day simple moving average of $512.44. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

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

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.