Invesco Ltd. Sells 158,975 Shares of Adobe Inc. (NASDAQ:ADBE)

Invesco Ltd. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,165,365 shares of the software company’s stock after selling 158,975 shares during the period. Invesco Ltd. owned approximately 0.96% of Adobe worth $1,852,255,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. United Bank raised its holdings in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Adobe by 13.3% during the 3rd quarter. Two Sigma Advisers LP now owns 58,700 shares of the software company’s stock valued at $30,394,000 after buying an additional 6,900 shares during the period. Zacks Investment Management boosted its stake in shares of Adobe by 14.1% in the 3rd quarter. Zacks Investment Management now owns 3,247 shares of the software company’s stock worth $1,681,000 after buying an additional 401 shares during the last quarter. XTX Topco Ltd purchased a new stake in Adobe during the third quarter valued at $1,049,000. Finally, Tenere Capital LLC lifted its holdings in Adobe by 260.8% in the third quarter. Tenere Capital LLC now owns 33,558 shares of the software company’s stock valued at $17,376,000 after acquiring an additional 24,258 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $349.07 on Monday. Adobe Inc. has a 12-month low of $333.36 and a 12-month high of $587.75. The business’s fifty day simple moving average is $425.66 and its 200-day simple moving average is $463.29. 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 company has a market cap of $148.77 billion, a PE ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company posted $4.48 EPS. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. Oppenheimer decreased their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Robert W. Baird lowered their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. BMO Capital Markets lowered their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $531.54.

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.