ICICI Prudential Asset Management Co Ltd Has $13.20 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

ICICI Prudential Asset Management Co Ltd lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.2% in the fourth quarter, Holdings Channel reports. The firm owned 29,689 shares of the software company’s stock after selling 56 shares during the quarter. Adobe comprises about 1.5% of ICICI Prudential Asset Management Co Ltd’s holdings, making the stock its 10th biggest position. ICICI Prudential Asset Management Co Ltd’s holdings in Adobe were worth $13,202,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. International Assets Investment Management LLC grew its position in shares of Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after acquiring an additional 1,376,333 shares during the period. FMR LLC grew its position in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares during the period. Seilern Investment Management Ltd bought a new position in shares of Adobe in the 4th quarter valued at about $110,744,000. Finally, Erste Asset Management GmbH bought a new position in shares of Adobe in the 3rd quarter valued at about $126,703,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADBE shares. Jefferies Financial Group decreased their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company 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 for the company in a research note on Thursday, December 12th. BMO Capital Markets cut their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. Finally, Wells Fargo & Company cut their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $464.11 on Wednesday. The firm has a 50 day moving average of $443.14 and a 200-day moving average of $495.16. The stock has a market capitalization of $202.03 billion, a PE ratio of 37.43, a PEG ratio of 2.11 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.52 EPS. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS 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.