Invesco Ltd. Acquires 41,644 Shares of Adobe Inc. (NASDAQ:ADBE)

Invesco Ltd. boosted its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 1.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,611,645 shares of the software company’s stock after acquiring an additional 41,644 shares during the quarter. Adobe accounts for approximately 0.5% of Invesco Ltd.’s holdings, making the stock its 17th largest position. Invesco Ltd. owned approximately 0.76% of Adobe worth $2,048,019,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Investment Research & Advisory Group Inc. raised its stake in Adobe by 2,350.0% during the 4th quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock valued at $28,000 after buying an additional 47 shares during the last quarter. Clear Investment Research LLC raised its stake in Adobe by 120.0% during the 4th quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock valued at $31,000 after buying an additional 30 shares during the last quarter. Blue Bell Private Wealth Management LLC purchased a new stake in Adobe during the 4th quarter valued at $33,000. Benjamin Edwards Inc. purchased a new stake in Adobe during the 4th quarter valued at $35,000. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in Adobe during the 4th quarter valued at $36,000. 82.54% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:ADBE traded up $4.71 during trading on Friday, reaching $399.09. The company’s stock had a trading volume of 3,430,715 shares, compared to its average volume of 3,277,223. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. Adobe Inc. has a 12 month low of $370.27 and a 12 month high of $699.54. The firm’s 50 day simple moving average is $424.52 and its two-hundred day simple moving average is $508.67. The stock has a market capitalization of $188.57 billion, a PE ratio of 39.63, a price-to-earnings-growth ratio of 2.04 and a beta of 1.09.

Adobe (NASDAQ:ADBE – Get Rating) last announced its quarterly earnings results on Tuesday, March 22nd. The software company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.07. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the firm earned $2.64 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 11.09 EPS for the current fiscal year.

In related news, CAO Mark S. Garfield sold 463 shares of the stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $425.79, for a total value of $197,140.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John E. Warnock sold 5,000 shares of the stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the completion of the sale, the director now directly owns 405,165 shares in the company, valued at $163,808,209.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,538 shares of company stock valued at $4,793,387. 0.23% of the stock is owned by insiders.

Several research firms have recently commented on ADBE. Barclays reduced their price objective on Adobe from $540.00 to $530.00 in a research note on Wednesday, March 23rd. Piper Sandler reduced their price objective on Adobe from $600.00 to $545.00 and set an “overweight” rating for the company in a research note on Wednesday, March 23rd. Evercore ISI began coverage on Adobe in a research note on Wednesday, March 23rd. They issued a “buy” rating and a $650.00 price objective for the company. BMO Capital Markets began coverage on Adobe in a research note on Wednesday, March 23rd. They issued a “buy” rating and a $535.00 price objective for the company. Finally, Jefferies Financial Group upped their price objective on Adobe from $550.00 to $570.00 and gave the stock a “buy” rating in a research note on Wednesday, March 23rd. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Buy” and an average target price of $584.63.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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