Gulf International Bank UK Ltd Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Gulf International Bank UK Ltd lowered its position in Adobe Inc. (NASDAQ:ADBE) by 1.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,703 shares of the software company’s stock after selling 399 shares during the period. Gulf International Bank UK Ltd’s holdings in Adobe were worth $15,431,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ADBE. Swedbank AB lifted its holdings in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the period. Hunter Associates Investment Management LLC boosted its position in Adobe by 28.9% in the 3rd quarter. Hunter Associates Investment Management LLC now owns 891 shares of the software company’s stock worth $463,000 after purchasing an additional 200 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. acquired a new position in shares of Adobe in the 3rd quarter valued at $435,000. Fortitude Family Office LLC raised its position in shares of Adobe by 31.1% in the third quarter. Fortitude Family Office LLC now owns 173 shares of the software company’s stock worth $90,000 after acquiring an additional 41 shares during the period. Finally, Integrated Advisors Network LLC boosted its position in Adobe by 34.6% during the third quarter. Integrated Advisors Network LLC now owns 5,927 shares of the software company’s stock worth $3,069,000 after purchasing an additional 1,522 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and issued a $590.00 target price on shares of Adobe in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company lowered 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 analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Adobe Stock Performance

Shares of ADBE stock opened at $441.50 on Thursday. The firm has a market capitalization of $192.18 billion, a price-to-earnings ratio of 35.60, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The company has a 50 day moving average price of $439.88 and a 200 day moving average price of $492.27. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company posted $3.52 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

About Adobe

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.