DekaBank Deutsche Girozentrale reduced its stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 2.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 812,692 shares of the software company’s stock after selling 22,672 shares during the quarter. Adobe makes up 0.7% of DekaBank Deutsche Girozentrale’s investment portfolio, making the stock its 26th largest holding. DekaBank Deutsche Girozentrale owned 0.17% of Adobe worth $226,776,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Public Investment Fund purchased a new stake in shares of Adobe during the 2nd quarter valued at $419,981,000. Castleview Partners LLC increased its position in shares of Adobe by 37,795.5% during the 2nd quarter. Castleview Partners LLC now owns 720,772 shares of the software company’s stock valued at $1,969,000 after purchasing an additional 718,870 shares during the last quarter. Parnassus Investments LLC grew its stake in shares of Adobe by 51.3% during the 2nd quarter. Parnassus Investments LLC now owns 1,998,331 shares of the software company’s stock worth $731,509,000 after acquiring an additional 677,383 shares during the period. Amundi grew its stake in shares of Adobe by 22.4% during the 2nd quarter. Amundi now owns 2,963,024 shares of the software company’s stock worth $1,104,541,000 after acquiring an additional 542,902 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Adobe by 5,491.1% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 528,139 shares of the software company’s stock worth $193,331,000 after acquiring an additional 518,693 shares during the period. 79.36% of the stock is owned by hedge funds and other institutional investors.
Adobe Price Performance
Shares of NASDAQ ADBE traded down $0.16 during trading hours on Monday, reaching $344.38. 118,855 shares of the stock traded hands, compared to its average volume of 2,285,145. The company has a market capitalization of $160.10 billion, a P/E ratio of 34.10, a price-to-earnings-growth ratio of 2.15 and a beta of 1.24. The company has a quick ratio of 1.14, a current ratio of 1.11 and a debt-to-equity ratio of 0.26. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $540.46. The company’s 50-day simple moving average is $334.01 and its two-hundred day simple moving average is $348.81.
Analyst Upgrades and Downgrades
ADBE has been the subject of several research reports. Deutsche Bank Aktiengesellschaft increased their price target on Adobe from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Friday, December 16th. Credit Suisse Group cut their price target on Adobe from $350.00 to $325.00 and set a “neutral” rating for the company in a research note on Wednesday, October 19th. Stifel Nicolaus increased their price target on Adobe from $375.00 to $400.00 in a research note on Friday, December 16th. Citigroup increased their price target on Adobe from $337.00 to $355.00 and gave the stock a “neutral” rating in a research note on Monday, December 19th. Finally, Royal Bank of Canada cut their target price on Adobe from $425.00 to $395.00 and set an “outperform” rating for the company in a research note on Wednesday, October 19th. Fifteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Hold” and an average target price of $415.23.
Insider Activity at Adobe
In related news, CAO Mark S. Garfield sold 132 shares of the firm’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $338.00, for a total transaction of $44,616.00. Following the transaction, the chief accounting officer now directly owns 3,271 shares of the company’s stock, valued at approximately $1,105,598. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, Director John E. Warnock sold 17,000 shares of Adobe stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $319.60, for a total value of $5,433,200.00. Following the transaction, the director now directly owns 383,465 shares of the company’s stock, valued at approximately $122,555,414. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Monday, December 19th. The stock was sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,271 shares in the company, valued at $1,105,598. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,861 shares of company stock valued at $9,059,395. Corporate insiders own 0.23% of the company’s stock.
About Adobe
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.