Prudential PLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Prudential PLC lifted its position in Adobe Inc. (NASDAQ:ADBEGet Rating) by 95.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,982 shares of the software company’s stock after acquiring an additional 8,763 shares during the period. Prudential PLC’s holdings in Adobe were worth $10,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Investment Research & Advisory Group Inc. increased its position in shares of Adobe by 2,350.0% in the 4th quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock valued at $28,000 after acquiring an additional 47 shares during the period. Clear Investment Research LLC grew its position in Adobe by 120.0% during the 4th quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock worth $31,000 after purchasing an additional 30 shares during the period. Blue Bell Private Wealth Management LLC acquired a new stake in Adobe during the 4th quarter worth about $33,000. Benjamin Edwards Inc. acquired a new stake in Adobe during the 4th quarter worth about $35,000. Finally, Industrial Alliance Investment Management Inc. acquired a new stake in Adobe during the 4th quarter worth about $36,000. 82.54% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have weighed in on ADBE. Exane BNP Paribas initiated coverage on Adobe in a research report on Tuesday, March 29th. They set an “outperform” rating and a $570.00 price target on the stock. Mizuho dropped their target price on Adobe from $685.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, March 11th. Piper Sandler dropped their target price on Adobe from $600.00 to $545.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 23rd. Jefferies Financial Group raised their target price on Adobe from $550.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, March 23rd. Finally, The Goldman Sachs Group dropped their target price on Adobe from $710.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, March 24th. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Buy” and an average price target of $587.75.

In other Adobe news, Director John E. Warnock sold 5,000 shares of the business’s stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total value of $2,021,500.00. Following the completion of the transaction, the director now owns 405,165 shares in the company, valued at $163,808,209.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 463 shares of the business’s stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total transaction of $197,140.77. The disclosure for this sale can be found here. Insiders sold a total of 11,538 shares of company stock valued at $4,793,387 in the last quarter. 0.23% of the stock is owned by insiders.

Adobe stock traded up $7.75 during trading on Tuesday, hitting $410.61. The company had a trading volume of 74,146 shares, compared to its average volume of 3,180,660. Adobe Inc. has a 1-year low of $370.27 and a 1-year high of $699.54. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. The company’s 50 day simple moving average is $426.85 and its 200-day simple moving average is $514.61. The stock has a market cap of $194.01 billion, a price-to-earnings ratio of 40.01, a price-to-earnings-growth ratio of 2.10 and a beta of 1.09.

Adobe (NASDAQ:ADBEGet Rating) last posted its earnings results on Tuesday, March 22nd. The software company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.07. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the firm earned $2.64 EPS. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 11.09 earnings per share for the current fiscal year.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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