Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 8.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 632,283 shares of the software company’s stock after selling 57,464 shares during the quarter. Principal Financial Group Inc.’s holdings in Adobe were worth $242,500,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Adobe during the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its holdings in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $365,750,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Piper Sandler lowered their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Evercore ISI reissued an “outperform” rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. BMO Capital Markets restated an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $480.08.

Adobe Trading Up 0.3%

Adobe stock opened at $379.56 on Friday. 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 $395.85 and its two-hundred day moving average price is $408.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market capitalization of $161.01 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.79 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the firm posted $4.48 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts forecast 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.