Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,221 shares of the software company's stock after selling 10,284 shares during the period. Mercer Global Advisors Inc. ADV's holdings in Adobe were worth $18,775,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Adobe during the 4th quarter valued at $2,553,035,000. Proficio Capital Partners LLC grew its stake in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Adobe by 225.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after acquiring an additional 745,827 shares during the last quarter. Finally, FIL Ltd boosted its holdings in shares of Adobe by 130.9% during the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after acquiring an additional 730,520 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Buying and Selling

In other news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

ADBE traded up $6.24 during trading on Friday, hitting $380.87. The company's stock had a trading volume of 2,339,231 shares, compared to its average volume of 3,437,593. 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 business's 50 day simple moving average is $385.41 and its 200-day simple moving average is $440.18. The firm has a market cap of $162.33 billion, a PE ratio of 30.72, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ADBE shares. StockNews.com downgraded Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. UBS Group cut their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Robert W. Baird lowered their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating for the company. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus price target of $502.88.

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.