Capital Research Global Investors Sells 89,869 Shares of Adobe Inc. (NASDAQ:ADBE)

Capital Research Global Investors cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,367,386 shares of the software company's stock after selling 89,869 shares during the quarter. Capital Research Global Investors owned approximately 0.54% of Adobe worth $1,052,730,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors grew its position in Adobe by 3.1% during the fourth quarter. Capital World Investors now owns 458,495 shares of the software company's stock valued at $203,884,000 after buying an additional 13,755 shares during the period. First Trust Advisors LP lifted its stake in Adobe by 15.4% in the fourth quarter. First Trust Advisors LP now owns 437,408 shares of the software company's stock valued at $194,507,000 after purchasing an additional 58,218 shares during the last quarter. Forum Financial Management LP increased its position in Adobe by 10.9% in the fourth quarter. Forum Financial Management LP now owns 4,252 shares of the software company's stock worth $1,891,000 after buying an additional 417 shares during the last quarter. Freedom Investment Management Inc. lifted its position in shares of Adobe by 16.1% during the 4th quarter. Freedom Investment Management Inc. now owns 4,219 shares of the software company's stock valued at $1,876,000 after buying an additional 584 shares during the last quarter. Finally, GeoWealth Management LLC grew its stake in shares of Adobe by 7.2% during the 4th quarter. GeoWealth Management LLC now owns 4,220 shares of the software company's stock worth $1,877,000 after acquiring an additional 285 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.9 %

ADBE stock traded up $3.14 during midday trading on Wednesday, hitting $353.05. The company's stock had a trading volume of 1,768,768 shares, compared to its average volume of 3,416,166. The firm's 50-day moving average is $398.97 and its 200-day moving average is $447.84. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market cap of $150.47 billion, a PE ratio of 28.47, a P/E/G ratio of 2.15 and a beta of 1.49. 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 (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the firm earned $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Citigroup lowered their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. UBS Group reduced their price objective on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Mizuho dropped their price objective on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Finally, BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. Eleven investment 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the 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 transaction, the executive vice president now owns 18,334 shares of the company's stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is currently owned by company insiders.

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.