Allianz SE Invests $11.89 Million in Adobe Inc. (NASDAQ:ADBE)

Allianz SE bought a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 26,661 shares of the software company’s stock, valued at approximately $11,885,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. 1ST Source Bank lifted its stake in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. Foster Group Inc. boosted its stake in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after purchasing an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares during the period. Veery Capital LLC raised its holdings in shares of Adobe by 1.9% during the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after buying an additional 24 shares during the last quarter. Finally, Cornerstone Wealth Management LLC boosted its position in shares of Adobe by 1.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last three months. Company insiders own 0.16% of the company’s stock.

Adobe Trading Down 2.6 %

ADBE opened at $385.71 on Friday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The stock has a market cap of $167.94 billion, a PE ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37. The business has a 50 day moving average of $431.81 and a 200-day moving average of $470.42. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Citigroup dropped their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Mizuho dropped their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Robert W. Baird decreased their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Finally, DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $533.85.

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.