Martin Investment Management LLC Has $4.89 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Martin Investment Management LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,003 shares of the software company’s stock after selling 967 shares during the period. Adobe accounts for approximately 1.3% of Martin Investment Management LLC’s holdings, making the stock its 28th largest holding. Martin Investment Management LLC’s holdings in Adobe were worth $4,893,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Adobe during the fourth quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC raised its position in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after acquiring an additional 952,233 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Adobe during the fourth quarter valued at $243,827,000. Finally, Assenagon Asset Management S.A. boosted its holdings 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 acquiring an additional 347,536 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.1 %

Shares of NASDAQ:ADBE opened at $383.20 on Wednesday. The company’s 50-day moving average price is $429.81 and its two-hundred day moving average price is $466.40. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $163.32 billion, a PE ratio of 30.90, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the firm posted $4.48 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’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 transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. Morgan Stanley cut their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Oppenheimer lowered their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Barclays reduced their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. UBS Group set a $495.00 price objective on Adobe in a report on Thursday, March 13th. Finally, Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Eleven 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $531.54.

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.