Nuveen Asset Management LLC Sells 52,648 Shares of Adobe Inc. (NASDAQ:ADBE)

Nuveen Asset Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,659,038 shares of the software company's stock after selling 52,648 shares during the period. Nuveen Asset Management LLC owned about 0.38% of Adobe worth $737,741,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Geode Capital Management LLC increased its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank bought a new position in Adobe during the fourth quarter valued at about $2,553,035,000. Northern Trust Corp increased its holdings in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Edgewood Management LLC raised its position in Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the period. Finally, Deutsche Bank AG raised its position in Adobe by 4.0% in the fourth quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock worth $1,555,031,000 after acquiring an additional 133,556 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction on 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by insiders.

Adobe Trading Up 0.4%

Adobe stock opened at $397.40 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market cap of $169.37 billion, a P/E ratio of 32.05, a PEG ratio of 2.15 and a beta of 1.55. The firm's fifty day moving average price is $377.62 and its 200-day moving average price is $435.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping 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 business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the company earned $4.48 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Bank of America reduced their target price on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company dropped their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. 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. Jefferies Financial Group lowered their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, Evercore ISI dropped their price target on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Eleven equities research 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's stock. Based on data from MarketBeat.com, the stock currently 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.

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