United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Sells 52,203 Shares of Adobe Inc. (NASDAQ:ADBE)

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 64.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,247 shares of the software company’s stock after selling 52,203 shares during the quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund’s holdings in Adobe were worth $13,006,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aviso Wealth Management increased its stake in Adobe by 102.5% in the fourth quarter. Aviso Wealth Management now owns 1,527 shares of the software company’s stock valued at $679,000 after purchasing an additional 773 shares in the last quarter. Mendel Money Management increased its holdings in shares of Adobe by 7.8% in the fourth quarter. Mendel Money Management now owns 928 shares of the software company’s stock worth $413,000 after acquiring an additional 67 shares in the last quarter. Parametrica Management Ltd bought a new position in shares of Adobe during the 4th quarter valued at about $1,256,000. Financial Engines Advisors L.L.C. increased its stake in Adobe by 381.0% during the 4th quarter. Financial Engines Advisors L.L.C. now owns 2,559 shares of the software company’s stock worth $1,138,000 after purchasing an additional 2,027 shares in the last quarter. Finally, Financial Counselors Inc. raised its holdings in Adobe by 0.5% during the 4th quarter. Financial Counselors Inc. now owns 57,553 shares of the software company’s stock worth $25,593,000 after buying an additional 274 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value 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 represents a 82.30 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Jefferies Financial Group cut 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. Oppenheimer dropped their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Citigroup decreased their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Finally, Evercore ISI reduced their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $538.80.

Adobe Stock Up 2.3 %

Shares of ADBE opened at $403.64 on Wednesday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The stock has a fifty day moving average of $433.70 and a 200-day moving average of $472.75. 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 stock has a market capitalization of $175.75 billion, a price-to-earnings ratio of 32.55, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS 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 for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.