Nuveen Asset Management LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Nuveen Asset Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,659,038 shares of the software company’s stock after selling 52,648 shares during the quarter. Nuveen Asset Management LLC’s holdings in Adobe were worth $737,741,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADBE. Decker Retirement Planning Inc. purchased a new position in shares of Adobe during the fourth quarter worth approximately $31,000. Summit Securities Group LLC bought a new position in shares of Adobe during the 4th quarter valued at $31,000. Caitlin John LLC raised its position in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. Mascoma Wealth Management LLC raised its position in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after purchasing an additional 50 shares during the period. Finally, LFA Lugano Financial Advisors SA bought a new stake in Adobe in the fourth quarter worth $38,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.4%

ADBE stock opened at $397.40 on Wednesday. The company has a market capitalization of $169.37 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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 business’s 50 day moving average price is $377.62 and its two-hundred day moving average price is $435.54. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The business 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 quarter last year, the firm posted $4.48 earnings per share. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. Jefferies Financial Group lowered their target price on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. DA Davidson lowered their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Mizuho dropped their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. 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 stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

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.