Adobe Inc. (NASDAQ:ADBE) Shares Sold by American International Group Inc.

American International Group Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 8.3% in the fourth quarter, HoldingsChannel reports. The fund owned 162,207 shares of the software company’s stock after selling 14,627 shares during the quarter. American International Group Inc.’s holdings in Adobe were worth $54,588,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Integrated Investment Consultants LLC raised its position in shares of Adobe by 9.3% in the third quarter. Integrated Investment Consultants LLC now owns 881 shares of the software company’s stock worth $242,000 after acquiring an additional 75 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 57.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,323,561 shares of the software company’s stock worth $364,245,000 after acquiring an additional 482,400 shares during the period. M&G Investment Management Ltd. raised its position in shares of Adobe by 7,370.9% in the fourth quarter. M&G Investment Management Ltd. now owns 85,094 shares of the software company’s stock worth $28,677,000 after acquiring an additional 83,955 shares during the period. Bridgefront Capital LLC purchased a new stake in shares of Adobe during the third quarter worth about $225,000. Finally, Beaumont Financial Advisors LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $474,000. Institutional investors and hedge funds own 79.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ADBE shares. UBS Group boosted their target price on shares of Adobe from $350.00 to $400.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 15th. Erste Group Bank raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, March 28th. Wells Fargo & Company boosted their target price on shares of Adobe from $350.00 to $360.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 16th. Credit Suisse Group boosted their target price on shares of Adobe from $325.00 to $350.00 and gave the stock a “neutral” rating in a research note on Friday, March 17th. Finally, Piper Sandler reissued an “overweight” rating and set a $415.00 target price on shares of Adobe in a research note on Wednesday, March 22nd. Sixteen research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $388.00.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $354.78, for a total value of $46,830.96. Following the transaction, the chief accounting officer now directly owns 3,610 shares in the company, valued at approximately $1,280,755.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Adobe news, Director John E. Warnock sold 1,500 shares of the stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $357.91, for a total transaction of $536,865.00. Following the sale, the director now directly owns 378,965 shares in the company, valued at approximately $135,635,363.15. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, March 17th. The stock was sold at an average price of $354.78, for a total transaction of $46,830.96. Following the sale, the chief accounting officer now owns 3,610 shares in the company, valued at $1,280,755.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,304 shares of company stock worth $3,055,314. 0.24% of the stock is currently owned by insiders.

Adobe Trading Up 4.9 %

Shares of Adobe stock traded up $19.35 during mid-day trading on Friday, hitting $411.41. The stock had a trading volume of 4,128,903 shares, compared to its average volume of 2,974,019. The firm has a 50-day moving average of $367.79 and a two-hundred day moving average of $351.95. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $451.15. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.26. The firm has a market cap of $188.71 billion, a P/E ratio of 39.61, a price-to-earnings-growth ratio of 2.23 and a beta of 1.31.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings data on Wednesday, March 15th. The software company reported $3.80 EPS for the quarter, topping the consensus estimate of $3.68 by $0.12. Adobe had a net margin of 26.32% and a return on equity of 36.53%. The firm had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period in the prior year, the business posted $2.84 EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 12.26 earnings per share for the current year.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.