W.G. Shaheen & Associates DBA Whitney & Co Purchases 168 Shares of Adobe Inc. (NASDAQ:ADBE)

W.G. Shaheen & Associates DBA Whitney & Co raised its position in Adobe Inc. (NASDAQ:ADBE) by 0.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 30,713 shares of the software company’s stock after purchasing an additional 168 shares during the quarter. Adobe accounts for 1.4% of W.G. Shaheen & Associates DBA Whitney & Co’s investment portfolio, making the stock its 24th largest holding. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Adobe were worth $13,657,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Adobe by 42.3% in 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. Seilern Investment Management Ltd bought a new position in shares of Adobe during the 4th quarter valued at about $110,744,000. Erste Asset Management GmbH bought a new stake in Adobe in the 3rd quarter valued at $126,703,000. Finally, State Street Corp boosted its position in shares of Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares during the period. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Adobe stock opened at $444.32 on Monday. The stock has a fifty day moving average of $440.46 and a 200-day moving average of $493.88. The stock has a market capitalization of $193.41 billion, a P/E ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stifel Nicolaus decreased their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Redburn Atlantic began coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Finally, UBS Group decreased their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

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.