Principal Financial Group Inc. Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Principal Financial Group Inc. decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,833,183 shares of the software company's stock after selling 142,326 shares during the period. Principal Financial Group Inc. owned approximately 0.41% of Adobe worth $949,186,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company's stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company's stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company's stock valued at $1,097,044,000 after acquiring an additional 15,685 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Adobe by 12.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company's stock worth $945,780,000 after purchasing an additional 185,737 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the firm's stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Jillian Forusz sold 676 shares of the company's stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company's stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. Stifel Nicolaus increased their price target on shares of Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Sanford C. Bernstein lowered their target price on shares of Adobe from $660.00 to $644.00 and set an "outperform" rating on the stock in a report on Friday, September 13th. Piper Sandler reaffirmed an "overweight" rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an "outperform" rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Piper Sandler Companies restated an "overweight" rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $606.40.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $4.38 during trading on Thursday, hitting $500.45. The company's stock had a trading volume of 2,116,513 shares, compared to its average volume of 3,156,651. The company has a 50-day moving average of $517.87 and a 200-day moving average of $516.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $220.30 billion, a price-to-earnings ratio of 42.64, a P/E/G ratio of 2.49 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the business posted $3.26 EPS. Adobe's revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

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.