Norges Bank Makes New $2.55 Billion Investment in Adobe Inc. (NASDAQ:ADBE)

Norges Bank acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,741,285 shares of the software company’s stock, valued at approximately $2,553,035,000. Norges Bank owned 1.32% of Adobe at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. 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 worth $30,000 after acquiring an additional 34 shares during the period. Decker Retirement Planning Inc. bought a new stake in shares of Adobe during the 4th quarter valued at $31,000. Finally, Caitlin John LLC increased its stake in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. 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.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Robert W. Baird reduced their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Wells Fargo & Company reduced their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Royal Bank of Canada restated an “outperform” rating and set a $530.00 price target on shares of Adobe in a report on Wednesday, March 19th. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $533.85.

Adobe Stock Down 1.4 %

Shares of NASDAQ:ADBE opened at $397.81 on Thursday. The company has a 50 day moving average of $433.31 and a 200-day moving average of $472.23. 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 cap of $173.21 billion, a price-to-earnings ratio of 32.08, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75.

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

Adobe 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.