Ameriprise Financial Inc. Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Ameriprise Financial Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 11.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,599,138 shares of the software company’s stock after selling 328,691 shares during the period. Ameriprise Financial Inc. owned approximately 0.60% of Adobe worth $1,155,705,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Franklin Resources Inc. lifted its holdings in Adobe by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after buying an additional 163,983 shares during the period. Versant Capital Management Inc raised its holdings in Adobe by 7.3% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the software company’s stock worth $184,000 after purchasing an additional 28 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Pensionfund Sabic bought a new stake in Adobe during the 4th quarter valued at approximately $2,668,000. Finally, Doliver Advisors LP grew its holdings in shares of Adobe by 12.4% during the 4th quarter. Doliver Advisors LP now owns 3,136 shares of the software company’s stock worth $1,395,000 after acquiring an additional 345 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 1.7 %

Shares of ADBE stock opened at $380.87 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company’s fifty day moving average price is $385.41 and its 200-day moving average price is $440.57. The company has a market capitalization of $162.33 billion, a price-to-earnings ratio of 30.72, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. UBS Group lowered their target price on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a report on Friday, April 11th. BMO Capital Markets dropped their target price on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada reduced their price target on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. 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 company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $502.88.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.16% of the company’s stock.

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.