Adobe Inc. (NASDAQ:ADBE) Shares Sold by EFG Asset Management Americas Corp.

EFG Asset Management Americas Corp. decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,029 shares of the software company’s stock after selling 605 shares during the quarter. Adobe accounts for approximately 1.4% of EFG Asset Management Americas Corp.’s investment portfolio, making the stock its 20th largest holding. EFG Asset Management Americas Corp.’s holdings in Adobe were worth $7,128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. Proficio Capital Partners LLC raised its position in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. FMR LLC raised its position in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Adobe during the fourth quarter valued at approximately $243,827,000. Assenagon Asset Management S.A. raised its position in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd purchased a new position in Adobe during the fourth quarter valued at approximately $110,744,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock opened at $444.78 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75. The business’s fifty day simple moving average is $439.51 and its 200-day simple moving average is $488.46. The firm has a market cap of $193.61 billion, a PE ratio of 35.87, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. 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 (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the company posted $3.52 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Oppenheimer reduced their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and issued a $590.00 price objective on shares of Adobe in a research report on Thursday, February 13th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Finally, Mizuho cut their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $570.88.

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.