BNP Paribas Sells 1,136 Shares of Adobe Inc. (NASDAQ:ADBE)

BNP Paribas decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 18,657 shares of the software company’s stock after selling 1,136 shares during the quarter. BNP Paribas’ holdings in Adobe were worth $9,660,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ADBE. Piscataqua Savings Bank grew its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the third quarter valued at $30,000. Summit Securities Group LLC acquired a new position in Adobe during the second quarter worth $33,000. Lynx Investment Advisory bought a new stake in Adobe during the second quarter worth $39,000. Finally, Briaud Financial Planning Inc acquired a new stake in Adobe in the third quarter valued at $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ADBE shares. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of ADBE stock opened at $525.30 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $231.24 billion, a P/E ratio of 44.37, a P/E/G ratio of 2.67 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The business has a fifty day simple moving average of $503.28 and a 200 day simple moving average of $519.80.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.26 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The shares were 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 in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by insiders.

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.