Capital Group Private Client Services Inc. Sells 779 Shares of Adobe Inc. (NASDAQ:ADBE)

Capital Group Private Client Services Inc. lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,258 shares of the software company’s stock after selling 779 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Adobe were worth $8,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Norges Bank bought a new stake in Adobe in the 4th quarter worth about $2,553,035,000. Edgewood Management LLC lifted its stake in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after acquiring an additional 696,172 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock valued at $1,249,066,000 after acquiring an additional 92,458 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after purchasing an additional 163,983 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. BMO Capital Markets cut their price target on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday. UBS Group cut their target price on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $513.27.

Adobe Trading Up 1.3 %

Shares of NASDAQ ADBE opened at $348.80 on Friday. The business’s 50 day moving average price is $403.54 and its 200-day moving average price is $450.43. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $148.66 billion, a price-to-earnings ratio of 28.13, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm posted $4.48 EPS. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were 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 owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

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.