Elo Mutual Pension Insurance Co Has $17.86 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Elo Mutual Pension Insurance Co cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,172 shares of the software company’s stock after selling 1,970 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Adobe were worth $17,864,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ADBE. United Bank lifted its position in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. Cadence Bank lifted its position in Adobe by 0.7% in the third quarter. Cadence Bank now owns 4,861 shares of the software company’s stock worth $2,517,000 after purchasing an additional 36 shares during the period. Townsquare Capital LLC boosted its stake in Adobe by 20.9% during the third quarter. Townsquare Capital LLC now owns 108,749 shares of the software company’s stock worth $56,308,000 after buying an additional 18,827 shares in the last quarter. Hardy Reed LLC increased its holdings in Adobe by 1.7% in the 3rd quarter. Hardy Reed LLC now owns 5,815 shares of the software company’s stock valued at $3,011,000 after buying an additional 98 shares during the period. Finally, Glenmede Trust Co. NA raised its stake in shares of Adobe by 8.6% in the 3rd quarter. Glenmede Trust Co. NA now owns 199,578 shares of the software company’s stock valued at $103,337,000 after buying an additional 15,756 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of Adobe stock opened at $397.81 on Thursday. The firm has a fifty day moving average of $433.31 and a two-hundred day moving average of $472.23. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $173.21 billion, a price-to-earnings ratio of 32.08, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the firm posted $4.48 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADBE shares. Morgan Stanley decreased their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Evercore ISI cut their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Bank of America reduced their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $533.85.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by company insiders.

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.