Adobe Inc. (NASDAQ:ADBE) Position Reduced by Axa S.A.

Axa S.A. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,864 shares of the software company’s stock after selling 31,270 shares during the period. Axa S.A. owned about 0.08% of Adobe worth $193,808,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of 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 period. Price T Rowe Associates Inc. MD raised its stake in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Concentrum Wealth Management lifted its holdings in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after acquiring an additional 244,008 shares during the last quarter. Wellington Management Group LLP boosted its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ADBE shares. KeyCorp raised their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Robert W. Baird boosted their price target on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. TD Cowen lowered their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 0.7 %

Adobe stock opened at $524.07 on Wednesday. The company has a 50 day moving average price of $547.57 and a 200 day moving average price of $517.98. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market capitalization of $232.37 billion, a price-to-earnings ratio of 47.09, a P/E/G ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 earnings per share. Research analysts forecast that Adobe Inc. will post 14.79 EPS for the current year.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $18,205,903 in the last 90 days. Company insiders own 0.15% of the company’s stock.

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.