American International Group Inc. decreased its stake in shares of Adobe Inc (NASDAQ:ADBE) by 0.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 214,020 shares of the software company’s stock after selling 1,334 shares during the period. American International Group Inc.’s holdings in Adobe were worth $57,034,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund grew its stake in shares of Adobe by 24,198.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock worth $171,000 after purchasing an additional 38,501,463 shares during the last quarter. Lunia Capital LP grew its stake in shares of Adobe by 23,384.5% in the 4th quarter. Lunia Capital LP now owns 8,928,109 shares of the software company’s stock worth $8,928,000 after purchasing an additional 8,890,092 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe in the 4th quarter worth approximately $981,259,000. Fisher Asset Management LLC grew its stake in shares of Adobe by 298.2% in the 4th quarter. Fisher Asset Management LLC now owns 1,627,565 shares of the software company’s stock worth $368,220,000 after purchasing an additional 1,218,872 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its stake in shares of Adobe by 54.9% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 2,369,516 shares of the software company’s stock worth $536,079,000 after purchasing an additional 839,989 shares during the last quarter. 86.40% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ADBE opened at $278.07 on Wednesday. Adobe Inc has a one year low of $204.95 and a one year high of $291.70. The stock has a market capitalization of $133.51 billion, a price-to-earnings ratio of 50.10, a PEG ratio of 2.73 and a beta of 1.11. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.33.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.55 earnings per share. As a group, analysts anticipate that Adobe Inc will post 6.24 earnings per share for the current fiscal year.
Several brokerages have recently issued reports on ADBE. Zacks Investment Research cut shares of Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Adobe in a research note on Friday, March 29th. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Credit Suisse Group reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Adobe in a research note on Friday, January 25th. Finally, Robert W. Baird lifted their price objective on shares of Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Nine research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $289.63.
In related news, Director John E. Warnock sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $260.47, for a total transaction of $520,940.00. Following the completion of the sale, the director now directly owns 16,088 shares in the company, valued at $4,190,441.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dana Rao sold 5,955 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $255.08, for a total transaction of $1,519,001.40. Following the sale, the executive vice president now owns 17,087 shares of the company’s stock, valued at $4,358,551.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,936 shares of company stock valued at $15,516,808. 0.32% of the stock is currently owned by corporate insiders.
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Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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