Envestnet Asset Management Inc. Has $376.19 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Envestnet Asset Management Inc. decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 845,979 shares of the software company’s stock after selling 21,573 shares during the period. Envestnet Asset Management Inc. owned 0.19% of Adobe worth $376,190,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in Adobe by 56.7% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,245 shares of the software company’s stock valued at $1,443,000 after purchasing an additional 1,174 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Adobe in the fourth quarter valued at approximately $98,000. Dempze Nancy E grew its stake in shares of Adobe by 40.6% in the fourth quarter. Dempze Nancy E now owns 744 shares of the software company’s stock worth $331,000 after acquiring an additional 215 shares during the last quarter. KCM Investment Advisors LLC increased its position in Adobe by 5.2% during the fourth quarter. KCM Investment Advisors LLC now owns 8,950 shares of the software company’s stock worth $3,980,000 after acquiring an additional 443 shares during the period. Finally, Resona Asset Management Co. Ltd. acquired a new position in Adobe during the 4th quarter valued at $107,573,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Adobe stock opened at $349.07 on Friday. The stock has a 50-day simple moving average of $425.66 and a 200 day simple moving average of $463.60. The stock has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $348.80 and a 12-month high of $587.75.

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

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on ADBE shares. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $531.54.

About Adobe

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.