Adobe Inc. (NASDAQ:ADBE) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 478,444 shares of the software company's stock after selling 52,144 shares during the period. Pictet Asset Management Holding SA owned 0.11% of Adobe worth $212,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. increased its holdings in Adobe by 6.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 299,512 shares of the software company's stock worth $133,187,000 after buying an additional 18,614 shares during the period. Broadway Wealth Solutions Inc. purchased a new position in shares of Adobe during the fourth quarter worth $256,000. New Age Alpha Advisors LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $1,158,000. Providence Capital Advisors LLC lifted its holdings in shares of Adobe by 0.5% in the 4th quarter. Providence Capital Advisors LLC now owns 15,594 shares of the software company's stock valued at $6,935,000 after buying an additional 83 shares during the period. Finally, Norges Bank purchased a new stake in shares of Adobe in the fourth quarter worth about $2,553,035,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. Oppenheimer lowered their price target 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. Piper Sandler cut their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. 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 research note on Friday, March 7th. Finally, Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. 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 company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $531.54.

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Adobe Trading Down 0.8 %

Shares of ADBE stock traded down $3.23 on Tuesday, hitting $380.31. 1,259,551 shares of the stock traded hands, compared to its average volume of 3,314,889. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The firm's 50-day moving average price is $430.88 and its two-hundred day moving average price is $467.49. The stock has a market capitalization of $162.09 billion, a PE ratio of 30.59, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results 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. The company had revenue of $5.71 billion for 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 period in the previous year, the business posted $4.48 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 922 shares of the business's stock in a transaction on Friday, January 24th. The shares were 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 position. 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 90 days. 0.16% of the stock is owned by 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.