Adobe Inc. (NASDAQ:ADBE) Shares Sold by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 37.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,261 shares of the software company's stock after selling 3,090 shares during the period. J. Safra Sarasin Holding AG's holdings in Adobe were worth $2,351,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB boosted its position in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Arizona State Retirement System lifted its position in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after purchasing an additional 1,326 shares during the period. M. Kraus & Co bought a new position in Adobe in the 4th quarter worth approximately $3,285,000. Finally, Silicon Valley Capital Partners grew its holdings in Adobe by 4.1% during the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after buying an additional 236 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded up $6.81 during midday trading on Friday, hitting $367.72. The company's stock had a trading volume of 3,497,670 shares, compared to its average volume of 3,434,327. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $156.72 billion, a P/E ratio of 29.65, a P/E/G ratio of 2.15 and a beta of 1.49. The firm's 50 day moving average is $394.82 and its 200-day moving average is $446.30.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the firm posted $4.48 earnings per share. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director David A. Ricks bought 2,250 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADBE. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. DA Davidson decreased their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. UBS Group dropped their target price on Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Piper Sandler reduced their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average price target of $502.88.

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.