Echo45 Advisors LLC Has $328,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Echo45 Advisors LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 4.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 550 shares of the software company’s stock after buying an additional 25 shares during the quarter. Echo45 Advisors LLC’s holdings in Adobe were worth $328,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp grew its position in Adobe by 1.5% in the 1st quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock worth $7,180,322,000 after purchasing an additional 269,173 shares during the last quarter. Morgan Stanley grew its position in Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Northern Trust Corp grew its position in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares during the last quarter. Norges Bank acquired a new stake in Adobe in the 4th quarter worth $1,757,029,000. Finally, Jennison Associates LLC grew its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the stock. KeyCorp started coverage on shares of Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Bank of America decreased their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Stifel Nicolaus decreased their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Finally, TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold a total of 3,075 shares of company stock valued at $1,848,418 over the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.3 %

Shares of ADBE traded down $1.27 on Thursday, reaching $473.18. 2,389,327 shares of the company’s stock were exchanged, compared to its average volume of 3,575,996. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $211.98 billion, a P/E ratio of 45.24, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The business has a 50 day moving average price of $533.19 and a two-hundred day moving average price of $566.97. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.97 earnings per share. Research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.