Axiom Investors LLC DE Has $37.72 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Axiom Investors LLC DE cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 38.8% during the fourth quarter, Holdings Channel reports. The fund owned 84,813 shares of the software company’s stock after selling 53,688 shares during the period. Axiom Investors LLC DE’s holdings in Adobe were worth $37,715,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AIA Group Ltd acquired a new position in Adobe in the fourth quarter worth $923,000. FSB Premier Wealth Management Inc. lifted its position in Adobe by 14.8% during the 4th quarter. FSB Premier Wealth Management Inc. now owns 697 shares of the software company’s stock worth $310,000 after buying an additional 90 shares in the last quarter. Prevail Innovative Wealth Advisors LLC increased its position in Adobe by 204.6% in the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 7,033 shares of the software company’s stock valued at $3,127,000 after acquiring an additional 4,724 shares in the last quarter. United Bank increased its position in Adobe by 36.2% in the 4th quarter. United Bank now owns 3,535 shares of the software company’s stock valued at $1,572,000 after acquiring an additional 939 shares in the last quarter. Finally, IPG Investment Advisors LLC acquired a new position in shares of Adobe during the fourth quarter worth approximately $222,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $385.71 on Monday. The company has a fifty day moving average price of $431.81 and a 200 day moving average price of $468.92. The firm has a market cap of $164.39 billion, a PE ratio of 31.11, a PEG 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 1-year low of $374.50 and a 1-year high of $587.75.

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

Insider Transactions at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. UBS Group set a $495.00 target price on Adobe in a research note on Thursday, March 13th. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Wells Fargo & Company lowered their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Finally, Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $533.85.

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.