Virtus Investment Advisers Inc. Sells 300 Shares of Adobe Inc. (NASDAQ:ADBE)

Virtus Investment Advisers Inc. lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 35.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 537 shares of the software company’s stock after selling 300 shares during the period. Virtus Investment Advisers Inc.’s holdings in Adobe were worth $239,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter valued at $2,553,035,000. Northern Trust Corp increased its stake in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after buying an additional 672,919 shares in the last quarter. Edgewood Management LLC lifted its position in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after buying an additional 696,172 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Adobe by 4.0% during the fourth quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company’s stock worth $1,555,031,000 after purchasing an additional 133,556 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Jefferies Financial Group dropped their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Piper Sandler lowered their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company cut their price objective on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Eleven 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Price Performance

NASDAQ ADBE opened at $417.13 on Monday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm’s 50 day moving average is $375.68 and its 200-day moving average is $433.63. The company has a market capitalization of $177.78 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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 announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations 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 posted $4.48 EPS. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price 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 of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by 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.