Assenagon Asset Management S.A. Trims Position in Adobe Inc. (NASDAQ:ADBE)

Assenagon Asset Management S.A. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 34.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 761,874 shares of the software company’s stock after selling 406,710 shares during the quarter. Adobe comprises 0.5% of Assenagon Asset Management S.A.’s investment portfolio, making the stock its 27th largest holding. Assenagon Asset Management S.A.’s holdings in Adobe were worth $292,202,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Copia Wealth Management acquired a new stake in Adobe in the fourth quarter valued at about $28,000. SWAN Capital LLC acquired a new stake in Adobe in the fourth quarter valued at about $28,000. Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter valued at about $31,000. Bernard Wealth Management Corp. acquired a new stake in Adobe in the fourth quarter valued at about $36,000. Finally, Mascoma Wealth Management LLC lifted its position in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after purchasing an additional 50 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $416.06 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $177.32 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 2.15 and a beta of 1.55. The firm’s fifty day simple moving average is $382.99 and its 200 day simple moving average is $423.44. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating 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 business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the business posted $4.48 EPS. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent analyst reports. Robert W. Baird reduced their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. UBS Group increased their target price on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $503.33.

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.