Adobe Inc. (NASDAQ:ADBE) Shares Sold by Vestcor Inc

Vestcor Inc decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,862 shares of the software company’s stock after selling 2,292 shares during the quarter. Vestcor Inc’s holdings in Adobe were worth $6,164,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Proficio Capital Partners LLC grew its stake in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares in the last quarter. FMR LLC grew its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at $243,827,000. Assenagon Asset Management S.A. grew its stake in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd acquired a new stake in shares of Adobe in the fourth quarter valued at $110,744,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 1.1 %

Adobe stock opened at $438.60 on Thursday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. 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 company has a market capitalization of $190.97 billion, a P/E ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37. The stock has a 50-day simple moving average of $439.01 and a 200-day simple moving average of $484.54.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $4.48 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Sanford C. Bernstein dropped their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Oppenheimer decreased their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $563.96.

About Adobe

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.