Capital Research Global Investors Sells 89,869 Shares of Adobe Inc. (NASDAQ:ADBE)

Capital Research Global Investors trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,367,386 shares of the software company’s stock after selling 89,869 shares during the period. Capital Research Global Investors owned about 0.54% of Adobe worth $1,052,730,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Capital World Investors increased its stake in Adobe by 3.1% in the fourth quarter. Capital World Investors now owns 458,495 shares of the software company’s stock valued at $203,884,000 after purchasing an additional 13,755 shares in the last quarter. First Trust Advisors LP raised its holdings in Adobe by 15.4% during the 4th quarter. First Trust Advisors LP now owns 437,408 shares of the software company’s stock valued at $194,507,000 after acquiring an additional 58,218 shares during the period. Forum Financial Management LP increased its position in shares of Adobe by 10.9% during the fourth quarter. Forum Financial Management LP now owns 4,252 shares of the software company’s stock valued at $1,891,000 after buying an additional 417 shares during the period. Freedom Investment Management Inc. boosted its holdings in Adobe by 16.1% in the 4th quarter. Freedom Investment Management Inc. now owns 4,219 shares of the software company’s stock valued at $1,876,000 after purchasing an additional 584 shares during the period. Finally, GeoWealth Management LLC increased its holdings in shares of Adobe by 7.2% in the 4th quarter. GeoWealth Management LLC now owns 4,220 shares of the software company’s stock worth $1,877,000 after buying an additional 285 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $348.80 on Friday. The stock has a market capitalization of $148.66 billion, a PE ratio of 28.13, a PEG ratio of 2.15 and a beta of 1.49. The company has a 50 day moving average price of $403.54 and a 200-day moving average price of $450.43. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping 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 firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company posted $4.48 EPS. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wells Fargo & Company decreased their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. JPMorgan Chase & Co. lowered their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, DA Davidson dropped their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $513.27.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last three months. Corporate insiders own 0.16% of the company’s stock.

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.