Bank Pictet & Cie Europe AG Sells 6,287 Shares of Adobe Inc. (NASDAQ:ADBE)

Bank Pictet & Cie Europe AG decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,682 shares of the software company's stock after selling 6,287 shares during the quarter. Bank Pictet & Cie Europe AG's holdings in Adobe were worth $8,699,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. Norges Bank purchased a new stake in shares of Adobe in the 4th quarter valued at $2,553,035,000. GAMMA Investing LLC grew its position in Adobe by 46,806.6% during the 1st 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 during the last quarter. Proficio Capital Partners LLC grew its position in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP grew its position in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after buying an additional 830,300 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several analyst reports. Jefferies Financial Group decreased their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Oppenheimer cut their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday. Robert W. Baird increased their target price on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday. Finally, Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $494.67.

Insiders Place Their Bets

In related news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is currently owned by insiders.

Adobe Trading Up 2.6%

Shares of Adobe stock traded up $10.05 during mid-day trading on Monday, hitting $401.73. The stock had a trading volume of 6,793,632 shares, compared to its average volume of 3,395,034. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $171.22 billion, a P/E ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm has a 50-day moving average of $386.76 and a two-hundred day moving average of $420.43. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

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.