Axiom Investors LLC DE Sells 53,688 Shares of Adobe Inc. (NASDAQ:ADBE)

Axiom Investors LLC DE trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 38.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,813 shares of the software company's stock after selling 53,688 shares during the period. Axiom Investors LLC DE's holdings in Adobe were worth $37,715,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. State Street Corp increased its position in shares of Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company's stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 acquired a new stake in shares of Adobe during the 4th quarter worth about $2,553,035,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock valued at $1,249,066,000 after buying an additional 92,458 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $1,235,157,000 after purchasing an additional 163,983 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the business's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company's stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on ADBE shares. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Robert W. Baird dropped their price objective on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Wells Fargo & Company cut their target price 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, UBS Group set a $495.00 price target on shares of Adobe in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average price target of $531.54.

Adobe Trading Down 3.9 %

NASDAQ ADBE traded down $14.89 on Thursday, hitting $370.89. The company's stock had a trading volume of 2,425,853 shares, compared to its average volume of 3,325,990. The company's 50-day moving average is $428.78 and its 200 day moving average is $465.84. 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 Inc. has a 1-year low of $367.96 and a 1-year high of $587.75. The firm has a market cap of $158.07 billion, a PE ratio of 29.91, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.