Ameriprise Financial Inc. Sells 78,153 Shares of Adobe Inc. (NASDAQ:ADBE)

Ameriprise Financial Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE) by 2.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,269,318 shares of the software company’s stock after selling 78,153 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.74% of Adobe worth $1,817,731,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Steph & Co. boosted its stake in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC grew its stake in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the period. Fairscale Capital LLC bought a new stake in Adobe in the 2nd quarter valued at about $1,318,000. Finally, Eagle Asset Management Inc. increased its position in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after buying an additional 3,120 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,759 shares of company stock worth $4,603,153. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.2 %

ADBE stock opened at $517.90 on Thursday. The stock has a fifty day moving average of $547.57 and a 200-day moving average of $517.98. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market capitalization of $229.64 billion, a price-to-earnings ratio of 46.53, a PEG ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business earned $3.26 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts predict that Adobe Inc. will post 14.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research reports. Stifel Nicolaus raised their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Wells Fargo & Company lifted their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.