Aviva PLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Aviva PLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 426,070 shares of the software company’s stock after selling 20,838 shares during the period. Aviva PLC’s holdings in Adobe were worth $189,465,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Pilgrim Partners Asia Pte Ltd acquired a new position in Adobe during the fourth quarter worth about $98,000. Dempze Nancy E boosted its stake in shares of Adobe by 40.6% during the 4th quarter. Dempze Nancy E now owns 744 shares of the software company’s stock worth $331,000 after acquiring an additional 215 shares in the last quarter. KCM Investment Advisors LLC grew its holdings in shares of Adobe by 5.2% in the 4th quarter. KCM Investment Advisors LLC now owns 8,950 shares of the software company’s stock worth $3,980,000 after acquiring an additional 443 shares during the period. Resona Asset Management Co. Ltd. purchased a new position in Adobe in the 4th quarter valued at approximately $107,573,000. Finally, Islay Capital Management LLC raised its holdings in Adobe by 250.0% during the fourth quarter. Islay Capital Management LLC now owns 105 shares of the software company’s stock worth $47,000 after purchasing an additional 75 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Down 5.0 %

ADBE opened at $349.07 on Friday. The company has a market cap of $148.77 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. 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 1 year low of $348.80 and a 1 year high of $587.75. The firm has a 50 day moving average price of $425.66 and a 200 day moving average price of $463.96.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Bank of America lowered their target price on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Citigroup dropped their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. 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 report on Thursday, December 12th. Wells Fargo & Company dropped their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Finally, Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Eleven investment 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 stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $531.54.

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.