Adobe Inc. (NASDAQ:ADBE) Position Reduced by Bedrijfstakpensioenfonds Voor DE Media PNO

Bedrijfstakpensioenfonds Voor DE Media PNO decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,350 shares of the software company’s stock after selling 2,400 shares during the period. Adobe accounts for about 2.0% of Bedrijfstakpensioenfonds Voor DE Media PNO’s investment portfolio, making the stock its 18th largest holding. Bedrijfstakpensioenfonds Voor DE Media PNO’s holdings in Adobe were worth $16,039,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Fort Washington Investment Advisors Inc. OH increased its holdings in shares of Adobe by 0.9% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 3,641 shares of the software company’s stock valued at $1,619,000 after buying an additional 33 shares in the last quarter. Mogy Joel R Investment Counsel Inc. increased its holdings in shares of Adobe by 1.0% in the fourth quarter. Mogy Joel R Investment Counsel Inc. now owns 65,638 shares of the software company’s stock valued at $29,188,000 after buying an additional 673 shares in the last quarter. Monterey Private Wealth Inc. increased its holdings in shares of Adobe by 8.4% in the fourth quarter. Monterey Private Wealth Inc. now owns 454 shares of the software company’s stock valued at $202,000 after buying an additional 35 shares in the last quarter. Transform Wealth LLC grew its position in Adobe by 8.1% during the 4th quarter. Transform Wealth LLC now owns 25,545 shares of the software company’s stock worth $11,359,000 after purchasing an additional 1,907 shares in the last quarter. Finally, Segment Wealth Management LLC grew its position in Adobe by 2.7% during the 4th quarter. Segment Wealth Management LLC now owns 3,254 shares of the software company’s stock worth $1,447,000 after purchasing an additional 85 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $436.36 on Wednesday. The firm has a 50 day moving average of $475.06 and a 200-day moving average of $511.05. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The firm has a market capitalization of $189.95 billion, a P/E ratio of 35.19, a price-to-earnings-growth ratio of 2.08 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.52 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. Mizuho lowered their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets lowered their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Piper Sandler lowered their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Company 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.