BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sells 146,267 Shares of Adobe Inc. (NASDAQ:ADBE)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 15.0% in the third quarter, Holdings Channel reports. The fund owned 828,894 shares of the software company’s stock after selling 146,267 shares during the quarter. Adobe makes up 1.1% of BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings, making the stock its 11th biggest holding. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Adobe were worth $429,185,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Citizens Financial Group Inc. RI lifted its stake in Adobe by 1.6% in the third quarter. Citizens Financial Group Inc. RI now owns 24,851 shares of the software company’s stock worth $12,867,000 after purchasing an additional 402 shares during the last quarter. Moran Wealth Management LLC lifted its stake in Adobe by 2.1% in the third quarter. Moran Wealth Management LLC now owns 24,000 shares of the software company’s stock worth $12,427,000 after purchasing an additional 499 shares during the last quarter. Moors & Cabot Inc. lifted its stake in Adobe by 2.8% in the third quarter. Moors & Cabot Inc. now owns 3,550 shares of the software company’s stock worth $1,838,000 after purchasing an additional 98 shares during the last quarter. Altman Advisors Inc. bought a new stake in Adobe in the third quarter worth about $1,684,000. Finally, Retireful LLC bought a new stake in Adobe in the third quarter worth about $553,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Citigroup lifted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 0.0 %

NASDAQ ADBE opened at $499.50 on Thursday. The company has a market capitalization of $219.88 billion, a PE ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30. The company has a fifty day moving average of $505.27 and a 200 day moving average of $518.81. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.26 earnings per share. Research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Company 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.