Principal Financial Group Inc. Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Principal Financial Group Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 7.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,833,183 shares of the software company’s stock after selling 142,326 shares during the period. Principal Financial Group Inc.’s holdings in Adobe were worth $949,186,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Summit Securities Group LLC bought a new stake in Adobe in the 2nd quarter worth approximately $33,000. Highline Wealth Partners LLC purchased a new stake in Adobe in the third quarter worth approximately $38,000. Lynx Investment Advisory bought a new position in Adobe during the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe during the second quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 3.8 %

NASDAQ:ADBE opened at $504.83 on Thursday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market cap of $222.23 billion, a price-to-earnings ratio of 42.64, a PEG ratio of 2.49 and a beta of 1.30. The company’s 50 day moving average price is $517.87 and its 200-day moving average price is $516.33. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the company earned $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

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.