Promethos Capital LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Promethos Capital LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 3.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,665 shares of the software company’s stock after acquiring an additional 260 shares during the quarter. Promethos Capital LLC’s holdings in Adobe were worth $3,408,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Decker Retirement Planning Inc. acquired a new stake in Adobe in the 4th quarter valued at about $31,000. Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter worth approximately $31,000. Caitlin John LLC boosted its stake in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the last quarter. Avion Wealth boosted its stake in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after buying an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC grew its holdings in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $352.47 on Monday. The business has a 50-day simple moving average of $413.00 and a 200-day simple moving average of $455.28. 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 one year low of $332.01 and a one year high of $587.75. The company has a market cap of $150.22 billion, a PE ratio of 28.43, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the business posted $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Robert W. Baird decreased their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. BMO Capital Markets reduced their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. lowered their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $527.12.

Adobe Company 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.