Meitav Dash Investments Ltd. cut its stake in shares of Adobe Inc (NASDAQ:ADBE) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,341 shares of the software company’s stock after selling 658 shares during the period. Adobe comprises approximately 1.3% of Meitav Dash Investments Ltd.’s investment portfolio, making the stock its 24th biggest position. Meitav Dash Investments Ltd.’s holdings in Adobe were worth $17,930,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in ADBE. Norges Bank acquired a new position in shares of Adobe during the fourth quarter worth $1,495,666,000. BlackRock Inc. increased its holdings in Adobe by 6.5% in the first quarter. BlackRock Inc. now owns 36,445,773 shares of the software company’s stock valued at $11,598,502,000 after purchasing an additional 2,219,627 shares during the period. Fisher Asset Management LLC increased its holdings in Adobe by 24.3% in the first quarter. Fisher Asset Management LLC now owns 5,131,883 shares of the software company’s stock valued at $1,633,171,000 after purchasing an additional 1,003,724 shares during the period. Assenagon Asset Management S.A. increased its holdings in Adobe by 336.0% in the first quarter. Assenagon Asset Management S.A. now owns 831,127 shares of the software company’s stock valued at $264,498,000 after purchasing an additional 640,483 shares during the period. Finally, Parnassus Investments CA increased its holdings in Adobe by 829.5% in the first quarter. Parnassus Investments CA now owns 615,528 shares of the software company’s stock valued at $195,886,000 after purchasing an additional 549,309 shares during the period. Institutional investors own 85.98% of the company’s stock.
NASDAQ ADBE traded up $3.09 during trading hours on Friday, hitting $385.26. The company’s stock had a trading volume of 970,192 shares, compared to its average volume of 2,756,114. Adobe Inc has a 52 week low of $255.13 and a 52 week high of $386.74. The company has a market capitalization of $184.13 billion, a PE ratio of 58.46, a price-to-earnings-growth ratio of 3.00 and a beta of 0.90. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.39. The company’s 50-day simple moving average is $340.78 and its two-hundred day simple moving average is $331.58.
A number of research firms recently weighed in on ADBE. Piper Sandler decreased their price objective on Adobe from $355.00 to $350.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Wedbush restated a “hold” rating and issued a $315.00 price objective on shares of Adobe in a report on Friday, March 13th. Credit Suisse Group restated a “buy” rating and issued a $370.00 price objective on shares of Adobe in a report on Wednesday, April 1st. Stifel Nicolaus decreased their price target on Adobe from $350.00 to $325.00 and set a “buy” rating for the company in a report on Friday, March 13th. Finally, Morgan Stanley increased their price target on Adobe from $366.00 to $375.00 and gave the stock an “overweight” rating in a report on Wednesday, March 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $342.54.
In other Adobe news, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $306.97, for a total value of $1,534,850.00. Following the completion of the sale, the chief marketing officer now owns 59,565 shares in the company, valued at approximately $18,284,668.05. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 600 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $301.40, for a total transaction of $180,840.00. Following the completion of the sale, the executive vice president now owns 13,655 shares of the company’s stock, valued at approximately $4,115,617. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,298 shares of company stock worth $4,025,976. 0.31% of the stock is owned by insiders.
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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