Norges Bank Purchases Shares of 4,337,249 Adobe Inc (NASDAQ:ADBE)

Norges Bank acquired a new stake in Adobe Inc (NASDAQ:ADBE) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,337,249 shares of the software company’s stock, valued at approximately $981,259,000. Norges Bank owned approximately 0.89% of Adobe at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ADBE. Actinver Wealth Management Inc. bought a new stake in shares of Adobe in the 4th quarter worth approximately $652,000. Foster Victor Wealth Advisors LLC bought a new stake in Adobe during the 4th quarter valued at $433,000. Massmutual Trust Co. FSB ADV raised its holdings in Adobe by 30.7% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 26,911 shares of the software company’s stock valued at $6,088,000 after buying an additional 6,319 shares during the last quarter. Pin Oak Investment Advisors Inc. raised its holdings in Adobe by 13.7% during the 4th quarter. Pin Oak Investment Advisors Inc. now owns 1,307 shares of the software company’s stock valued at $296,000 after buying an additional 157 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Adobe during the 4th quarter valued at $2,185,000. 86.69% of the stock is currently owned by hedge funds and other institutional investors.

Adobe stock traded up $1.12 during mid-day trading on Friday, reaching $270.57. The stock had a trading volume of 2,028,988 shares, compared to its average volume of 2,212,042. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $132.02 billion, a price-to-earnings ratio of 48.75, a PEG ratio of 2.64 and a beta of 1.10. Adobe Inc has a one year low of $204.95 and a one year high of $277.61.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. Adobe’s revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.55 EPS. On average, equities analysts expect that Adobe Inc will post 6.24 EPS for the current fiscal year.

In related news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $272.18, for a total value of $816,540.00. Following the completion of the sale, the chief marketing officer now directly owns 64,458 shares of the company’s stock, valued at approximately $17,544,178.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Shantanu Narayen sold 139,834 shares of the stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $245.40, for a total transaction of $34,315,263.60. The disclosure for this sale can be found here. Insiders have sold a total of 287,330 shares of company stock worth $71,134,520 in the last 90 days. Company insiders own 0.32% of the company’s stock.

A number of equities research analysts recently commented on ADBE shares. DZ Bank upgraded shares of Adobe from a “hold” rating to a “buy” rating and set a $260.00 price target for the company in a report on Thursday, December 27th. Pivotal Research upgraded shares of Adobe from a “hold” rating to a “buy” rating and upped their price target for the company from $252.00 to $262.00 in a report on Monday, January 7th. Atlantic Securities started coverage on shares of Adobe in a report on Wednesday, January 9th. They set a “neutral” rating and a $250.00 price target for the company. BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, January 11th. Finally, ValuEngine upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nineteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $285.56.

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About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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