Principal Financial Group Inc. Sells 57,464 Shares of Adobe Inc. (NASDAQ:ADBE)

Principal Financial Group Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 632,283 shares of the software company's stock after selling 57,464 shares during the quarter. Principal Financial Group Inc. owned approximately 0.15% of Adobe worth $242,500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after acquiring an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after purchasing an additional 756 shares during the last quarter. GHE LLC grew its holdings in shares of Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after purchasing an additional 670 shares during the last quarter. Triad Wealth Partners LLC purchased a new position in shares of Adobe in the fourth quarter worth $307,000. Finally, Assetmark Inc. raised its holdings in Adobe by 66.3% during the 4th quarter. Assetmark Inc. now owns 33,787 shares of the software company's stock valued at $15,024,000 after buying an additional 13,464 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Robert W. Baird boosted their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Finally, Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Stock Up 0.3%

Shares of NASDAQ ADBE traded up $1.09 during trading on Friday, reaching $379.56. The company had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business's 50-day moving average is $395.85 and its 200 day moving average is $408.79. The stock has a market cap of $161.01 billion, a PE ratio of 24.28, a P/E/G ratio of 1.79 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.