UniSuper Management Pty Ltd Sells 44,113 Shares of Adobe Inc. (NASDAQ:ADBE)

UniSuper Management Pty Ltd trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 31.7% in the 4th quarter, Holdings Channel reports. The firm owned 95,166 shares of the software company’s stock after selling 44,113 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Adobe were worth $42,318,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADBE. United Bank lifted its holdings in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after buying an additional 428 shares during the period. Cadence Bank grew its holdings in Adobe by 0.7% during the 3rd quarter. Cadence Bank now owns 4,861 shares of the software company’s stock worth $2,517,000 after acquiring an additional 36 shares in the last quarter. Townsquare Capital LLC increased its position in Adobe by 20.9% during the 3rd quarter. Townsquare Capital LLC now owns 108,749 shares of the software company’s stock valued at $56,308,000 after purchasing an additional 18,827 shares during the period. Hardy Reed LLC raised its holdings in shares of Adobe by 1.7% in the 3rd quarter. Hardy Reed LLC now owns 5,815 shares of the software company’s stock valued at $3,011,000 after purchasing an additional 98 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its position in shares of Adobe by 8.6% in the 3rd quarter. Glenmede Trust Co. NA now owns 199,578 shares of the software company’s stock worth $103,337,000 after purchasing an additional 15,756 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the 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 transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Adobe Trading Down 1.4 %

Shares of Adobe stock opened at $397.81 on Thursday. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market cap of $173.21 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm has a fifty day moving average price of $433.31 and a 200 day moving average price of $472.23.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the firm posted $4.48 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADBE. Wells Fargo & Company reduced their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Morgan Stanley reduced their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Mizuho dropped their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Citigroup lowered their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $533.85.

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.