Meridiem Investment Management Ltd. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Meridiem Investment Management Ltd. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 4th quarter, Holdings Channel reports. The firm owned 212,801 shares of the software company’s stock after purchasing an additional 2,829 shares during the quarter. Adobe makes up approximately 1.7% of Meridiem Investment Management Ltd.’s holdings, making the stock its 22nd largest holding. Meridiem Investment Management Ltd.’s holdings in Adobe were worth $94,641,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Nordea Investment Management AB boosted its stake in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after buying an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board boosted its position in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the period. Morse Asset Management Inc increased its position in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after purchasing an additional 1,326 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Adobe stock opened at $460.16 on Monday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $607.32. The firm’s fifty day moving average price is $446.56 and its 200-day moving average price is $496.59. The stock has a market cap of $200.31 billion, a P/E ratio of 37.11, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. 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 (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.52 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the subject of several research reports. Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.