Pinebridge Investments L.P. Sells 21,230 Shares of Adobe Inc. (NASDAQ:ADBE)

Pinebridge Investments L.P. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 93,358 shares of the software company's stock after selling 21,230 shares during the period. Pinebridge Investments L.P.'s holdings in Adobe were worth $41,514,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter worth $2,553,035,000. Proficio Capital Partners LLC boosted its holdings in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares in the last quarter. FIL Ltd raised its holdings in Adobe by 130.9% during the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after acquiring an additional 730,520 shares during the period. Finally, Edgewood Management LLC lifted its position in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after acquiring an additional 696,172 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction that occurred 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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on ADBE shares. Oppenheimer decreased their target price on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company dropped their target price on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday. DA Davidson reduced their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Mizuho dropped their price objective on shares of Adobe from $620.00 to $575.00 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 given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $506.73.

Adobe Trading Up 1.9 %

ADBE stock opened at $349.91 on Wednesday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm's 50-day moving average is $398.97 and its 200 day moving average is $447.84. The company has a market capitalization of $149.13 billion, a PE ratio of 28.22, a P/E/G ratio of 2.15 and a beta of 1.49. 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 (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company posted $4.48 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.

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