Bell Asset Management Ltd Has $11.34 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Bell Asset Management Ltd grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 40.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,498 shares of the software company’s stock after buying an additional 7,402 shares during the period. Adobe makes up 2.1% of Bell Asset Management Ltd’s portfolio, making the stock its 11th biggest position. Bell Asset Management Ltd’s holdings in Adobe were worth $11,338,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Concentrum Wealth Management increased its position in shares of Adobe by 2.8% in the 4th quarter. Concentrum Wealth Management now owns 9,561 shares of the software company’s stock valued at $4,252,000 after buying an additional 257 shares in the last quarter. Benchmark Investment Advisors LLC increased its holdings in shares of Adobe by 2.4% in the fourth quarter. Benchmark Investment Advisors LLC now owns 1,422 shares of the software company’s stock worth $632,000 after acquiring an additional 33 shares in the last quarter. Edgewood Management LLC raised its position in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. Sepio Capital LP lifted its holdings in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Finally, Titleist Asset Management LLC grew its position in shares of Adobe by 82.2% in the 4th quarter. Titleist Asset Management LLC now owns 1,011 shares of the software company’s stock valued at $449,000 after purchasing an additional 456 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ADBE shares. Evercore ISI lowered their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Stifel Nicolaus reduced their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. JPMorgan Chase & Co. dropped their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $531.54.

Adobe Stock Down 5.0 %

ADBE opened at $349.07 on Monday. Adobe Inc. has a twelve month low of $333.36 and a twelve month high of $587.75. The company’s 50-day moving average price is $425.66 and its two-hundred day moving average price is $463.29. The stock has a market cap of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 business earned $4.48 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now 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. In the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

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.