Banco Bilbao Vizcaya Argentaria S.A. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 127,744 shares of the software company’s stock after acquiring an additional 5,029 shares during the period. Adobe comprises about 0.6% of Banco Bilbao Vizcaya Argentaria S.A.’s investment portfolio, making the stock its 25th biggest holding. Banco Bilbao Vizcaya Argentaria S.A.’s holdings in Adobe were worth $56,885,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Decker Retirement Planning Inc. acquired a new position in shares of Adobe in the 4th quarter valued at approximately $31,000. Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter worth about $31,000. Caitlin John LLC increased its holdings in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares during the last quarter. Avion Wealth lifted its holdings in Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after buying an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC increased its holdings in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after acquiring an additional 50 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last quarter. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Up 0.6 %

Shares of Adobe stock opened at $351.96 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market capitalization of $150.01 billion, a PE ratio of 28.38, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The stock’s fifty day moving average is $396.80 and its 200-day moving average is $447.18.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the company posted $4.48 earnings per share. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Morgan Stanley decreased their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Mizuho reduced their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Piper Sandler dropped their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Wednesday. Royal Bank of Canada reduced their price target on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a report on Monday, April 14th. Finally, Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $502.88.

Adobe Company 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.