Jacobi Capital Management LLC Buys 259 Shares of Adobe Inc. (NASDAQ:ADBE)

Jacobi Capital Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,759 shares of the software company’s stock after purchasing an additional 259 shares during the period. Jacobi Capital Management LLC’s holdings in Adobe were worth $2,116,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares during the period. Public Sector Pension Investment Board raised its stake in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after acquiring an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. raised 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 acquiring an additional 78,384 shares during the period. Morse Asset Management Inc raised its stake in Adobe by 33.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after acquiring an additional 1,326 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $438.49 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $190.87 billion, a price-to-earnings ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The business has a 50-day moving average of $439.71 and a 200-day moving average of $491.24.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ADBE shares. Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Sanford C. Bernstein decreased their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Mizuho decreased their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

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.