BI Asset Management Fondsmaeglerselskab A S decreased its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 15.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,388 shares of the software company's stock after selling 7,636 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Adobe were worth $11,940,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Grayhawk Investment Strategies Inc. acquired a new position in Adobe in the second quarter worth approximately $25,000. Financial Enhancement Group LLC increased its holdings in Adobe by 338.1% in the third quarter. Financial Enhancement Group LLC now owns 92 shares of the software company's stock worth $25,000 after buying an additional 71 shares during the last quarter. Better Money Decisions LLC acquired a new position in Adobe in the second quarter worth approximately $29,000. Tortoise Investment Management LLC increased its holdings in Adobe by 123.7% in the second quarter. Tortoise Investment Management LLC now owns 85 shares of the software company's stock worth $31,000 after buying an additional 47 shares during the last quarter. Finally, Urban Wealth Management LLC acquired a new position in Adobe in the second quarter worth approximately $33,000. Institutional investors and hedge funds own 79.36% of the company's stock.
Get Adobe alerts:Insiders Place Their Bets
In other Adobe news, EVP Dana Rao sold 5,018 shares of the stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the transaction, the executive vice president now directly owns 14,832 shares in the company, valued at $4,997,345.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Dana Rao sold 5,018 shares of the stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the transaction, the executive vice president now directly owns 14,832 shares in the company, valued at $4,997,345.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the firm's stock in a transaction on Monday, December 19th. The shares were sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the sale, the chief accounting officer now owns 3,271 shares of the company's stock, valued at $1,105,598. The disclosure for this sale can be found here. Insiders sold 26,265 shares of company stock worth $9,067,344 over the last three months. 0.23% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
ADBE has been the topic of a number of research reports. Piper Sandler increased their price objective on Adobe from $380.00 to $415.00 and gave the stock an "overweight" rating in a report on Monday, January 9th. Credit Suisse Group dropped their price objective on Adobe from $350.00 to $325.00 and set a "neutral" rating on the stock in a report on Wednesday, October 19th. Jefferies Financial Group lowered their price target on Adobe from $440.00 to $420.00 and set a "buy" rating on the stock in a report on Wednesday, October 19th. Wells Fargo & Company increased their price target on Adobe from $310.00 to $340.00 in a report on Wednesday, December 14th. Finally, BMO Capital Markets increased their price target on Adobe from $332.00 to $390.00 and gave the company a "market perform" rating in a report on Friday, December 16th. Sixteen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $412.81.Adobe Stock Performance
ADBE stock traded down $1.26 during midday trading on Friday, hitting $364.56. The stock had a trading volume of 172,283 shares, compared to its average volume of 2,288,271. The firm has a market capitalization of $166.90 billion, a price-to-earnings ratio of 36.22, a P/E/G ratio of 2.23 and a beta of 1.24. Adobe Inc. has a 52 week low of $274.73 and a 52 week high of $540.46. The stock has a 50-day simple moving average of $338.35 and a 200 day simple moving average of $347.56. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26.
Adobe (NASDAQ:ADBE – Get Rating) last issued its earnings results on Thursday, December 15th. The software company reported $2.78 EPS for the quarter, hitting the consensus estimate of $2.78. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The firm had revenue of $4.53 billion during the quarter, compared to analysts' expectations of $4.52 billion. As a group, equities research analysts anticipate that Adobe Inc. will post 12.18 earnings per share for the current year.
Adobe Company Profile
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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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