Commerzbank Aktiengesellschaft FI Has $55.86 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Commerzbank Aktiengesellschaft FI increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 28.2% during the 4th quarter, Holdings Channel reports. The firm owned 93,623 shares of the software company’s stock after purchasing an additional 20,593 shares during the quarter. Adobe makes up approximately 2.2% of Commerzbank Aktiengesellschaft FI’s holdings, making the stock its 18th largest holding. Commerzbank Aktiengesellschaft FI’s holdings in Adobe were worth $55,855,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Adobe by 1.5% during the 1st quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after buying an additional 269,173 shares in the last quarter. Morgan Stanley lifted its stake in Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Northern Trust Corp lifted its stake in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Norges Bank purchased a new stake in Adobe in the 4th quarter worth approximately $1,757,029,000. Finally, Jennison Associates LLC lifted its stake in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock traded down $8.16 during trading hours on Friday, reaching $465.02. The company had a trading volume of 3,282,142 shares, compared to its average volume of 3,213,157. The business has a fifty day moving average price of $527.09 and a 200-day moving average price of $566.34. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The firm has a market cap of $208.33 billion, a PE ratio of 44.46, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.97 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reissued a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, HSBC reduced their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $620.72.

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.