Assenagon Asset Management S.A. Sells 406,710 Shares of Adobe Inc. (NASDAQ:ADBE)

Assenagon Asset Management S.A. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 761,874 shares of the software company's stock after selling 406,710 shares during the quarter. Adobe makes up approximately 0.5% of Assenagon Asset Management S.A.'s holdings, making the stock its 27th largest position. Assenagon Asset Management S.A. owned approximately 0.18% of Adobe worth $292,202,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Brighton Jones LLC grew its position in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in Adobe in the 4th quarter valued at about $76,712,000. Empowered Funds LLC grew its position in Adobe by 22.8% in the 4th quarter. Empowered Funds LLC now owns 15,391 shares of the software company's stock valued at $6,844,000 after buying an additional 2,853 shares in the last quarter. Savant Capital LLC grew its position in Adobe by 91.2% in the 4th quarter. Savant Capital LLC now owns 15,294 shares of the software company's stock valued at $6,801,000 after buying an additional 7,293 shares in the last quarter. Finally, Wingate Wealth Advisors Inc. bought a new position in Adobe in the 4th quarter valued at about $113,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Down 5.3%

NASDAQ:ADBE traded down $22.00 during trading hours on Friday, hitting $391.68. 10,618,205 shares of the company's stock traded hands, compared to its average volume of 3,381,385. The firm has a market cap of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. 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 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock's fifty day moving average price is $386.76 and its two-hundred day moving average price is $421.72.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the firm earned $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. UBS Group upped their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. DA Davidson cut their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Citigroup upped their price objective on Adobe from $430.00 to $465.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $494.67.

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.