Adobe Inc. (NASDAQ:ADBE) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 16.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 383,980 shares of the software company’s stock after selling 73,907 shares during the quarter. Prudential Financial Inc.’s holdings in Adobe were worth $170,748,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Angeles Investment Advisors LLC lifted its holdings in Adobe by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 2,510 shares of the software company’s stock valued at $1,116,000 after acquiring an additional 24 shares during the last quarter. Congress Wealth Management LLC DE grew its holdings in shares of Adobe by 4.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 7,128 shares of the software company’s stock worth $3,170,000 after purchasing an additional 272 shares during the period. Twin City Private Wealth LLC increased its position in shares of Adobe by 19.0% during the 4th quarter. Twin City Private Wealth LLC now owns 1,919 shares of the software company’s stock worth $853,000 after purchasing an additional 307 shares during the last quarter. Dillon & Associates Inc. raised its holdings in Adobe by 9.4% in the 4th quarter. Dillon & Associates Inc. now owns 3,971 shares of the software company’s stock valued at $1,767,000 after buying an additional 342 shares during the period. Finally, McCollum Christoferson Group LLC lifted its position in Adobe by 6.3% in the fourth quarter. McCollum Christoferson Group LLC now owns 6,749 shares of the software company’s stock valued at $3,001,000 after buying an additional 402 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ADBE. Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Robert W. Baird decreased their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Eleven investment 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Stock Down 0.6 %

Shares of NASDAQ:ADBE opened at $387.26 on Monday. The company has a market capitalization of $168.62 billion, a P/E ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. The stock’s fifty day simple moving average is $434.16 and its 200-day simple moving average is $475.10. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by company insiders.

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.