Ensign Peak Advisors Inc Sells 13,616 Shares of Adobe Inc. (NASDAQ:ADBE)

Ensign Peak Advisors Inc lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 498,496 shares of the software company’s stock after selling 13,616 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Adobe were worth $221,671,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Ethic Inc. increased its holdings in Adobe by 12.0% during the fourth quarter. Ethic Inc. now owns 45,775 shares of the software company’s stock valued at $20,355,000 after buying an additional 4,898 shares during the last quarter. Ewing Morris & Co. Investment Partners Ltd. bought a new stake in shares of Adobe during the 4th quarter valued at $667,000. Fairview Capital Investment Management LLC increased its stake in shares of Adobe by 12.8% in the 4th quarter. Fairview Capital Investment Management LLC now owns 103,544 shares of the software company’s stock worth $46,044,000 after purchasing an additional 11,778 shares in the last quarter. FORA Capital LLC purchased a new stake in shares of Adobe in the 4th quarter worth $920,000. Finally, Fullcircle Wealth LLC raised its holdings in Adobe by 8.0% in the 4th quarter. Fullcircle Wealth LLC now owns 1,801 shares of the software company’s stock worth $827,000 after purchasing an additional 133 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $383.99 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a market cap of $163.66 billion, a P/E ratio of 30.97, a P/E/G ratio of 2.15 and a beta of 1.55. The business’s 50 day moving average price is $380.93 and its 200-day moving average price is $437.84.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the company earned $4.48 EPS. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on ADBE. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. Citigroup decreased their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Oppenheimer decreased their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Morgan Stanley dropped their target price 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. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $502.88.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by company insiders.

About Adobe

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.