Adobe Inc. (NASDAQ:ADBE) Shares Sold by Adams Diversified Equity Fund Inc.

Adams Diversified Equity Fund Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE) by 31.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,200 shares of the software company’s stock after selling 8,400 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in Adobe were worth $8,093,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ADBE. State Street Corp increased its position in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares in the last quarter. Geode Capital Management LLC increased its position in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after buying an additional 147,981 shares in the last quarter. FMR LLC increased 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 worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Fisher Asset Management LLC increased its position in Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after buying an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after buying an additional 140,390 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ADBE. Evercore ISI dropped their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Bank of America lowered their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 price objective on shares of Adobe in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $538.80.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. 0.16% of the stock is owned by insiders.

Adobe Stock Up 0.4 %

Shares of Adobe stock opened at $389.61 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $169.64 billion, a P/E ratio of 31.42, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The business has a 50-day moving average price of $434.53 and a 200 day moving average price of $477.76.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company earned $4.48 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.