BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sells 52,757 Shares of Adobe Inc. $ADBE

Key Points

• BNP Paribas Asset Management Holding S.A. sold 52,757 shares of Adobe Inc., reducing its stake by 7.0%, and now holds 704,078 shares valued at approximately $270 million.
• Institutional investors own approximately 81.79% of Adobe, with significant increases in holdings from firms like GAMMA Investing LLC and Goldman Sachs Group Inc.
• Analysts have a consensus "Moderate Buy" rating for Adobe, with price targets ranging from $425 to $500, and a current consensus price target of $467.58.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 704,078 shares of the software company's stock after selling 52,757 shares during the quarter. Adobe makes up approximately 0.7% of BNP PARIBAS ASSET MANAGEMENT Holding S.A.'s investment portfolio, making the stock its 23rd largest holding. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned approximately 0.17% of Adobe worth $270,078,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake 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 during the last quarter. Goldman Sachs Group Inc. boosted its position in Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new stake in Adobe during the 1st quarter worth about $607,443,000. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after acquiring an additional 1,216,351 shares during the period. Finally, Two Sigma Advisers LP raised its position 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 in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. UBS Group increased their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Robert W. Baird lifted their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Stock Performance

Shares of ADBE opened at $354.85 on Monday. The stock has a 50 day moving average of $371.84 and a 200 day moving average of $392.13. The company has a market capitalization of $150.53 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 1.68 and a beta of 1.51. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

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

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