Adobe Inc. (NASDAQ:ADBE) Shares Sold by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 46.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 80,586 shares of the software company’s stock after selling 71,192 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Adobe were worth $35,835,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. iSAM Funds UK Ltd acquired a new stake in shares of Adobe during the 4th quarter worth $311,000. Sone Capital Management LLC acquired a new stake in shares of Adobe during the 4th quarter worth $4,799,000. Southpoint Capital Advisors LP acquired a new stake in shares of Adobe during the 4th quarter worth $144,521,000. Vident Advisory LLC increased its holdings in shares of Adobe by 70.4% during the 4th quarter. Vident Advisory LLC now owns 132,281 shares of the software company’s stock worth $58,823,000 after buying an additional 54,664 shares during the last quarter. Finally, Vivaldi Capital Management LP increased its holdings in shares of Adobe by 6.8% during the 4th quarter. Vivaldi Capital Management LP now owns 551 shares of the software company’s stock worth $242,000 after buying an additional 35 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on ADBE. Citigroup dropped their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Morgan Stanley lowered their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. UBS Group lowered their price target on Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Stifel Nicolaus lowered their price target on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, Oppenheimer lowered their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred 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 completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.16% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $420.68 on Tuesday. The firm’s 50 day moving average is $375.32 and its two-hundred day moving average is $433.19. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a market capitalization of $179.29 billion, a P/E ratio of 33.93, a PEG ratio of 2.15 and a beta of 1.55. 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 (NASDAQ:ADBE) last announced its quarterly 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 net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business earned $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.