Securian Asset Management Inc. Sells 599 Shares of Adobe Inc. (NASDAQ:ADBE)

Securian Asset Management Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.5% during the first quarter, Holdings Channel reports. The institutional investor owned 23,060 shares of the software company’s stock after selling 599 shares during the quarter. Securian Asset Management Inc.’s holdings in Adobe were worth $8,844,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Sepio Capital LP grew its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank grew its holdings in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC increased its position in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC increased its position in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after buying an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on ADBE. Wells Fargo & Company reissued an “overweight” rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. UBS Group boosted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research note on Monday, June 9th. Mizuho decreased their price target on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Citigroup reduced their target price on Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $473.88.

Adobe Price Performance

Shares of ADBE stock opened at $363.35 on Monday. 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 $154.13 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The firm’s 50-day moving average is $396.03 and its two-hundred day moving average is $405.23. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the company earned $4.48 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.