Migdal Insurance & Financial Holdings Ltd. Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Migdal Insurance & Financial Holdings Ltd. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 8.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,209 shares of the software company’s stock after selling 118 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Adobe were worth $538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. CWM LLC raised its stake in Adobe by 7.9% in the third quarter. CWM LLC now owns 42,449 shares of the software company’s stock valued at $21,979,000 after purchasing an additional 3,097 shares in the last quarter. Marcum Wealth LLC raised its stake in Adobe by 4.4% in the third quarter. Marcum Wealth LLC now owns 1,152 shares of the software company’s stock valued at $596,000 after purchasing an additional 49 shares in the last quarter. Cypress Wealth Services LLC raised its stake in Adobe by 7.9% in the third quarter. Cypress Wealth Services LLC now owns 491 shares of the software company’s stock valued at $254,000 after purchasing an additional 36 shares in the last quarter. WealthBridge Investment Counsel Inc. raised its stake in Adobe by 194.2% in the third quarter. WealthBridge Investment Counsel Inc. now owns 3,192 shares of the software company’s stock valued at $1,653,000 after purchasing an additional 2,107 shares in the last quarter. Finally, Pinnacle Bancorp Inc. raised its stake in Adobe by 5.2% in the third quarter. Pinnacle Bancorp Inc. now owns 1,517 shares of the software company’s stock valued at $785,000 after purchasing an additional 75 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last quarter. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent research reports. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Mizuho cut their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Shares of Adobe stock opened at $433.07 on Friday. 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 $188.52 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.12 and a beta of 1.31. The business has a fifty day simple moving average of $455.58 and a two-hundred day simple moving average of $500.48. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $628.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.52 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.