Swiss National Bank Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Swiss National Bank cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,316,100 shares of the software company's stock after selling 10,400 shares during the quarter. Swiss National Bank owned approximately 0.30% of Adobe worth $681,450,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC acquired a new stake in Adobe in the 3rd quarter valued at about $38,000. Lynx Investment Advisory acquired a new stake in Adobe in the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe in the 2nd quarter valued at about $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $503.37 on Friday. The company's fifty day moving average price is $509.79 and its 200 day moving average price is $518.35. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. 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 capitalization of $221.58 billion, a P/E ratio of 42.51, a P/E/G ratio of 2.59 and a beta of 1.30.

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, beating analysts' consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.26 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a "neutral" rating for the company in a report on Friday, September 13th. Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an "overweight" rating in a report on Wednesday, September 4th. Morgan Stanley restated an "overweight" rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Oppenheimer restated an "outperform" rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $606.40.

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.

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