NFJ Investment Group LLC Sells 407 Shares of Adobe Inc. (NASDAQ:ADBE)

NFJ Investment Group LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 13.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,698 shares of the software company’s stock after selling 407 shares during the period. NFJ Investment Group LLC’s holdings in Adobe were worth $1,397,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. FMR LLC lifted its stake in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Adobe by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after purchasing an additional 21,444 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $601.25.

Adobe Trading Up 3.9 %

Shares of ADBE stock opened at $536.49 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a market capitalization of $236.16 billion, a PE ratio of 45.31, a price-to-earnings-growth ratio of 2.35 and a beta of 1.29. The business’s fifty day moving average is $502.99 and its 200 day moving average is $521.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal 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.