Prudential Financial Inc. Sells 73,907 Shares of Adobe Inc. (NASDAQ:ADBE)

Prudential Financial Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 16.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 383,980 shares of the software company’s stock after selling 73,907 shares during the period. Prudential Financial Inc. owned 0.09% of Adobe worth $170,748,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Angeles Investment Advisors LLC lifted its position in Adobe by 1.0% during the 4th quarter. Angeles Investment Advisors LLC now owns 2,510 shares of the software company’s stock valued at $1,116,000 after acquiring an additional 24 shares during the period. Congress Wealth Management LLC DE boosted its position in shares of Adobe by 4.0% in the 4th quarter. Congress Wealth Management LLC DE now owns 7,128 shares of the software company’s stock worth $3,170,000 after purchasing an additional 272 shares in the last quarter. Twin City Private Wealth LLC grew its stake in shares of Adobe by 19.0% in the fourth quarter. Twin City Private Wealth LLC now owns 1,919 shares of the software company’s stock worth $853,000 after acquiring an additional 307 shares during the last quarter. Dillon & Associates Inc. increased its holdings in shares of Adobe by 9.4% during the fourth quarter. Dillon & Associates Inc. now owns 3,971 shares of the software company’s stock valued at $1,767,000 after acquiring an additional 342 shares in the last quarter. Finally, McCollum Christoferson Group LLC boosted its stake in Adobe by 6.3% in the 4th quarter. McCollum Christoferson Group LLC now owns 6,749 shares of the software company’s stock worth $3,001,000 after purchasing an additional 402 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Morgan Stanley reduced their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $538.80.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on 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. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $387.26 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $168.62 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm has a 50 day moving average of $434.16 and a 200 day moving average of $475.10. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company earned $4.48 earnings per share. On average, sell-side analysts predict 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.