Voya Investment Management LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Voya Investment Management LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 63.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 136,749 shares of the software company's stock after selling 242,323 shares during the quarter. Voya Investment Management LLC's holdings in Adobe were worth $60,809,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Sepio Capital LP grew its stake in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank grew its stake in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares during the period. Foster Group Inc. boosted its stake in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after purchasing an additional 23 shares during the last quarter. Atlantic Edge Private Wealth Management LLC boosted its stake in Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after purchasing an additional 23 shares during the last quarter. Finally, Veery Capital LLC boosted its stake in Adobe by 1.9% during the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company's stock worth $585,000 after purchasing an additional 24 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADBE. Oppenheimer lowered their target price on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group lowered their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Stifel Nicolaus lowered their target price on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada dropped their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Finally, Robert W. Baird decreased their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Stock Up 0.7 %

Shares of ADBE traded up $2.64 during midday trading on Thursday, reaching $377.62. The stock had a trading volume of 915,257 shares, compared to its average volume of 3,424,578. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company's fifty day simple moving average is $388.06 and its two-hundred day simple moving average is $442.81. The company has a market cap of $160.94 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 1-year low of $332.01 and a 1-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 (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the firm posted $4.48 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by insiders.

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.