Adobe Inc. (NASDAQ:ADBE) Shares Sold by Insigneo Advisory Services LLC

Insigneo Advisory Services LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 26.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,997 shares of the software company's stock after selling 1,053 shares during the quarter. Insigneo Advisory Services LLC's holdings in Adobe were worth $1,149,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC lifted its position in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after buying an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after acquiring an additional 830,300 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company's stock.

Adobe Price Performance

Adobe stock opened at $382.68 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $163.10 billion, a PE ratio of 24.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.55. The company's 50 day moving average is $388.36 and its two-hundred day moving average is $419.38.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Robert W. Baird boosted their price target on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. JPMorgan Chase & Co. decreased their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Bank of America increased their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $494.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.