Allianz SE Acquires Shares of 26,661 Adobe Inc. (NASDAQ:ADBE)

Allianz SE purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,661 shares of the software company’s stock, valued at approximately $11,885,000.

Other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its holdings in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares during the last quarter. Geode Capital Management LLC lifted its position in Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after buying an additional 147,981 shares during the last quarter. Norges Bank purchased a new position in shares of Adobe during the fourth quarter worth $2,553,035,000. Charles Schwab Investment Management Inc. increased its position in shares of Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares during the period. Finally, Franklin Resources Inc. raised its position in Adobe by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after purchasing an additional 163,983 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ ADBE opened at $385.71 on Friday. The stock has a market cap of $167.94 billion, a price-to-earnings ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. 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 $431.81 and a two-hundred day moving average price of $470.42.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (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 analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ADBE. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $530.00 target price on shares of Adobe in a report on Wednesday, March 19th. Wells Fargo & Company lowered their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Oppenheimer cut their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, BNP Paribas raised shares of 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. Eleven 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 company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $533.85.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, 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 valued at $2,191,826 over the last quarter. Corporate insiders own 0.16% of the company’s stock.

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.