Allianz SE Has $9.16 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Allianz SE reduced its stake in Adobe Inc. by 10.4%, owning 23,894 shares valued at approximately $9.16 million as of the latest filing with the SEC.
• Despite Allianz's stake reduction, institutional investors hold 81.79% of Adobe's stock, indicating strong institutional backing.
• Adobe's recent earnings report showed a 10.6% year-over-year revenue increase to $5.87 billion, beating analysts' expectations for both earnings per share and revenue.

Allianz SE decreased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,894 shares of the software company's stock after selling 2,767 shares during the quarter. Allianz SE's holdings in Adobe were worth $9,164,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Adobe during the fourth quarter valued at $365,750,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after acquiring an additional 821,293 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Down 2.6%

NASDAQ ADBE traded down $8.95 during trading hours on Monday, hitting $338.85. 6,439,554 shares of the company traded hands, compared to its average volume of 3,284,436. The business's 50-day moving average is $385.72 and its 200-day moving average is $398.74. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $143.74 billion, a price-to-earnings ratio of 21.68, a P/E/G ratio of 1.65 and a beta of 1.51.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADBE. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Evercore ISI reiterated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Mizuho lowered their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

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.