Bank Julius Baer & Co. Ltd Zurich Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Bank Julius Baer & Co. Ltd Zurich lifted its position in Adobe Inc. (NASDAQ:ADBE) by 9.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 817,065 shares of the software company’s stock after purchasing an additional 69,639 shares during the quarter. Adobe makes up 1.2% of Bank Julius Baer & Co. Ltd Zurich’s holdings, making the stock its 18th biggest holding. Bank Julius Baer & Co. Ltd Zurich’s holdings in Adobe were worth $389,916,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Briaud Financial Planning Inc bought a new position in shares of Adobe during the 3rd quarter valued at $36,000. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe in the 4th quarter worth $31,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ADBE shares. Royal Bank of Canada reduced their price objective on Adobe from $590.00 to $550.00 and set an “outperform” rating on the stock in a research note on Friday. Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Oppenheimer decreased their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Finally, Citigroup cut their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. 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 issued a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $567.81.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were 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 owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $449.40 on Friday. The company’s fifty day moving average price is $439.56 and its 200-day moving average price is $487.67. The stock has a market cap of $195.62 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month 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 for the quarter, topping 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 business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the company earned $3.52 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal 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.