Bedrijfstakpensioenfonds Voor DE Media PNO Sells 2,400 Shares of Adobe Inc. (NASDAQ:ADBE)

Bedrijfstakpensioenfonds Voor DE Media PNO lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 37,350 shares of the software company’s stock after selling 2,400 shares during the period. Adobe makes up about 2.0% of Bedrijfstakpensioenfonds Voor DE Media PNO’s portfolio, making the stock its 18th biggest position. Bedrijfstakpensioenfonds Voor DE Media PNO’s holdings in Adobe were worth $16,039,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Public Sector Pension Investment Board lifted its holdings in shares of Adobe by 71.1% during the second quarter. Public Sector Pension Investment Board now owns 17,222 shares of the software company’s stock worth $9,568,000 after purchasing an additional 7,155 shares during the period. Magnetar Financial LLC purchased a new stake in shares of Adobe during the second quarter worth approximately $597,000. Providence Capital Advisors LLC increased its position in shares of Adobe by 38.8% during the second quarter. Providence Capital Advisors LLC now owns 15,222 shares of the software company’s stock worth $8,456,000 after purchasing an additional 4,255 shares in the last quarter. Mill Creek Capital Advisors LLC purchased a new stake in Adobe in the 2nd quarter valued at $220,000. Finally, Semmax Financial Advisors Inc. grew its holdings in Adobe by 19.1% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 4,650 shares of the software company’s stock valued at $2,489,000 after buying an additional 747 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.5 %

Adobe stock opened at $436.36 on Wednesday. The company’s 50-day moving average price is $475.06 and its two-hundred day moving average price is $511.05. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The stock has a market cap of $189.95 billion, a P/E ratio of 35.19, a P/E/G ratio of 2.08 and a beta of 1.31. 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 earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the business posted $3.52 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. BNP Paribas raised 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. Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. DA Davidson cut their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company lowered their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.