Great Lakes Retirement Inc. Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Great Lakes Retirement Inc. lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,894 shares of the software company’s stock after selling 254 shares during the period. Great Lakes Retirement Inc.’s holdings in Adobe were worth $1,110,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in shares of Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Norges Bank bought a new stake in Adobe in the 4th quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp lifted its stake in Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC grew its position in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research reports. BMO Capital Markets reissued an “outperform” rating and set a $450.00 price target on shares of Adobe in a research note on Friday. Summit Redstone set a $410.00 target price on Adobe in a research report on Wednesday, March 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, DA Davidson dropped their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Price Performance

Shares of ADBE stock opened at $401.73 on Tuesday. The stock has a 50 day moving average price of $388.00 and a 200 day moving average price of $419.64. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $171.22 billion, a P/E ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55.

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.