ICICI Prudential Asset Management Co Ltd Sells 56 Shares of Adobe Inc. (NASDAQ:ADBE)

ICICI Prudential Asset Management Co Ltd reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,689 shares of the software company’s stock after selling 56 shares during the period. Adobe comprises about 1.5% of ICICI Prudential Asset Management Co Ltd’s investment portfolio, making the stock its 10th biggest position. ICICI Prudential Asset Management Co Ltd’s holdings in Adobe were worth $13,202,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in ADBE. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at about $26,000. Groupama Asset Managment boosted its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the third quarter valued at about $30,000. True Wealth Design LLC boosted its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe in the fourth quarter valued at about $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $590.00 price target on shares of Adobe in a research report on Thursday, February 13th. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Activity

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Up 0.9 %

Shares of NASDAQ:ADBE opened at $464.11 on Wednesday. Adobe Inc. has a 52 week low of $403.75 and a 52 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 capitalization of $202.03 billion, a PE ratio of 37.43, a PEG ratio of 2.11 and a beta of 1.31. The company has a 50 day moving average price of $443.14 and a two-hundred day moving average price of $495.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.