Pensionfund Sabic Takes Position in Adobe Inc. (NASDAQ:ADBE)

Pensionfund Sabic purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,000 shares of the software company’s stock, valued at approximately $2,668,000.

A number of other institutional investors also recently bought and sold shares of the business. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% during the third 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. purchased a new stake in Adobe in the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC grew its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADBE. Bank of America dropped their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $582.96.

Adobe Stock Performance

NASDAQ ADBE traded up $2.33 on Monday, reaching $432.90. The stock had a trading volume of 563,740 shares, compared to its average volume of 2,861,812. The stock has a market cap of $190.56 billion, a P/E ratio of 34.91, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business’s 50-day moving average price is $490.31 and its 200 day moving average price is $520.78. Adobe Inc. has a 12-month low of $425.32 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $3.52 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the stock in a transaction 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 sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock worth $1,679,809 over the last three months. 0.15% of the stock is owned by insiders.

Adobe Company 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.