Adobe Inc. (NASDAQ:ADBE) Shares Sold by BNP Paribas Asset Management Holding S.A.

BNP Paribas Asset Management Holding S.A. trimmed its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 10.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 757,780 shares of the software company’s stock after selling 90,510 shares during the period. Adobe accounts for about 1.3% of BNP Paribas Asset Management Holding S.A.’s portfolio, making the stock its 8th biggest holding. BNP Paribas Asset Management Holding S.A. owned approximately 0.17% of Adobe worth $452,092,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADBE. HBC Financial Services PLLC acquired a new stake in Adobe during the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the 4th quarter worth approximately $35,000. Hanseatic Management Services Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $45,000. First Command Advisory Services Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $52,000. Finally, Advisors Preferred LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $60,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE traded up $1.26 on Monday, hitting $484.69. 1,880,373 shares of the stock traded hands, compared to its average volume of 3,362,168. Adobe Inc. has a 12 month low of $361.72 and a 12 month high of $638.25. The business’s fifty day moving average is $494.14 and its two-hundred day moving average is $558.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $217.14 billion, a price-to-earnings ratio of 46.38, a PEG ratio of 2.62 and a beta of 1.28.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Piper Sandler Companies lowered their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. TD Cowen lowered their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. UBS Group lowered their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, HSBC lowered their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Check Out Our Latest Report on Adobe

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

About Adobe

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEFree Report).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.