Geode Capital Management LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Geode Capital Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 10,680,375 shares of the software company’s stock after buying an additional 151,286 shares during the quarter. Geode Capital Management LLC owned approximately 2.45% of Adobe worth $4,739,788,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Legacy Investment Solutions LLC purchased a new position in Adobe in the third quarter worth about $26,000. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the 4th quarter worth approximately $31,000. Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter worth $31,000. Finally, Caitlin John LLC grew its holdings in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $383.53 on Tuesday. The company’s 50 day simple moving average is $430.88 and its 200-day simple moving average is $467.49. 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 1 year low of $374.50 and a 1 year high of $587.75. The company has a market capitalization of $163.46 billion, a price-to-earnings ratio of 30.93, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for 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 earned $4.48 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on ADBE shares. Sanford C. Bernstein reduced their target price 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 restated a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and cut their price objective for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Morgan Stanley cut their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average 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.