LGT Fund Management Co Ltd. Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

LGT Fund Management Co Ltd. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 57.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,410 shares of the software company's stock after selling 4,531 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Adobe were worth $1,516,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Nordea Investment Management AB increased its position in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board raised its stake in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock valued at $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock valued at $60,779,000 after buying an additional 78,384 shares during the last quarter. Morse Asset Management Inc lifted its position in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock valued at $4,411,000 after buying an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock worth $44,090,000 after acquiring an additional 1,326 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the company's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company's stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

NASDAQ ADBE traded up $5.29 on Wednesday, reaching $451.32. 1,127,353 shares of the company's stock traded hands, compared to its average volume of 3,382,920. The stock has a market cap of $196.46 billion, a PE ratio of 36.36, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The stock has a 50-day simple moving average of $439.55 and a 200 day simple moving average of $489.03.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping 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 company had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. During the same quarter last year, the company earned $3.52 EPS. The firm's revenue was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Stifel Nicolaus dropped their price objective on shares of Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, BMO Capital Markets decreased their price objective on Adobe from $570.00 to $515.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $570.88.

Adobe Company 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.