Adobe Inc. (NASDAQ:ADBE) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.4% during the 4th quarter, Holdings Channel reports. The fund owned 5,487,401 shares of the software company’s stock after selling 193,695 shares during the quarter. Adobe makes up approximately 1.9% of Primecap Management Co. CA’s investment portfolio, making the stock its 14th biggest position. Primecap Management Co. CA’s holdings in Adobe were worth $2,440,137,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Proficio Capital Partners LLC raised its stake in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares in the last quarter. FMR LLC raised its stake in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Adobe in the fourth quarter valued at $243,827,000. Assenagon Asset Management S.A. raised its stake in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd acquired a new stake in Adobe in the fourth quarter valued at $110,744,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $399.34 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $173.88 billion, a P/E ratio of 32.20, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a 50-day moving average price of $436.39 and a 200 day moving average price of $480.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm earned $4.48 earnings per share. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ADBE shares. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Royal Bank of Canada cut their price target on Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. UBS Group dropped their price objective on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Finally, BMO Capital Markets dropped their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $540.60.

About Adobe

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.