USS Investment Management Ltd Sells 936 Shares of Adobe Inc. (NASDAQ:ADBE)

USS Investment Management Ltd cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,435 shares of the software company's stock after selling 936 shares during the quarter. USS Investment Management Ltd's holdings in Adobe were worth $31,327,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Siemens Fonds Invest GmbH increased its holdings in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter worth approximately $31,000. Caitlin John LLC increased its stake in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after acquiring an additional 48 shares during the last quarter. Avion Wealth increased its stake in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after acquiring an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC increased its stake in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after acquiring an additional 50 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $420.68 on Tuesday. The business's fifty day simple moving average is $375.32 and its 200-day simple moving average is $433.19. The company has a market cap of $179.29 billion, a PE ratio of 33.93, a PEG ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 prior year, the firm posted $4.48 earnings per share. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost 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 in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.16% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADBE shares. StockNews.com cut Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Royal Bank of Canada reduced their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Evercore ISI reduced their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. DA Davidson dropped their target price on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Oppenheimer dropped their target price on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Eleven 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 company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $502.88.

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.

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