PGGM Investments Has $17.04 Million Position in Adobe Inc. (NASDAQ:ADBE)

PGGM Investments cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 30.1% during the second quarter, Holdings Channel reports. The institutional investor owned 30,668 shares of the software company’s stock after selling 13,232 shares during the quarter. PGGM Investments’ holdings in Adobe were worth $17,037,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Steph & Co. lifted its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in Adobe in the 2nd quarter valued at $39,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. Sanford C. Bernstein lifted their price objective on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. TD Cowen reduced their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Stifel Nicolaus cut their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 0.9 %

NASDAQ ADBE traded up $4.57 during trading on Wednesday, reaching $539.79. 1,915,323 shares of the stock traded hands, compared to its average volume of 3,323,331. The stock’s 50-day moving average price is $533.59 and its 200 day moving average price is $523.98. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $239.34 billion, a price-to-earnings ratio of 48.50, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.04 EPS. Analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe 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.