Adobe Inc. (NASDAQ:ADBE) Shares Sold by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 70.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,819 shares of the software company’s stock after selling 108,721 shares during the period. Jupiter Asset Management Ltd.’s holdings in Adobe were worth $20,375,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ADBE. Proficio Capital Partners LLC increased its position in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. FMR LLC increased its position in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Adobe during the fourth quarter worth $243,827,000. Assenagon Asset Management S.A. increased its position in shares of Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe during the fourth quarter worth $110,744,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 1.1 %

ADBE stock opened at $438.60 on Thursday. The company’s 50-day simple moving average is $439.01 and its 200-day simple moving average is $484.54. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The firm has a market cap of $190.97 billion, a P/E ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company posted $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. BMO Capital Markets set a $515.00 price objective on shares of Adobe and gave the company an “outperform” rating in a report on Friday, March 7th. Finally, Sanford C. Bernstein dropped their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $563.96.

Insider Transactions at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 over the last ninety days. Insiders own 0.15% of the company’s stock.

About Adobe

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.