Fifth Third Wealth Advisors LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Fifth Third Wealth Advisors LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 107.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,456 shares of the software company’s stock after acquiring an additional 2,832 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Adobe were worth $2,753,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter valued at about $3,277,785,000. Wellington Management Group LLP boosted its holdings in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Adobe during the fourth quarter worth about $875,592,000. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Finally, Putnam Investments LLC boosted its holdings in Adobe by 41.2% during the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after buying an additional 307,479 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research analyst reports. Oppenheimer reissued an “outperform” rating and set a $580.00 price objective on shares of Adobe in a report on Friday, June 14th. Citigroup decreased their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Finally, Stifel Nicolaus cut their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Trading Up 1.6 %

ADBE stock traded up $8.78 on Friday, hitting $555.54. 4,998,564 shares of the company were exchanged, compared to its average volume of 3,588,743. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The business’s fifty day moving average is $481.75 and its two-hundred day moving average is $535.99. The stock has a market capitalization of $248.88 billion, a price-to-earnings ratio of 49.63, a price-to-earnings-growth ratio of 2.76 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the firm earned $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 3,270 shares of company stock worth $1,563,166 over the last ninety days. 0.15% of the stock is owned by company insiders.

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.