M&G Investment Management Ltd. Sells 64 Shares of Adobe Inc. (NASDAQ:ADBE)

M&G Investment Management Ltd. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 5.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,139 shares of the software company’s stock after selling 64 shares during the quarter. M&G Investment Management Ltd.’s holdings in Adobe were worth $313,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Adobe by 143.7% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 737,069 shares of the software company’s stock worth $202,841,000 after acquiring an additional 434,644 shares during the period. Summit Place Financial Advisors LLC increased its position in Adobe by 74.2% during the third quarter. Summit Place Financial Advisors LLC now owns 7,664 shares of the software company’s stock worth $2,109,000 after acquiring an additional 3,265 shares during the period. Opes Wealth Management LLC increased its position in Adobe by 75.2% during the third quarter. Opes Wealth Management LLC now owns 1,188 shares of the software company’s stock worth $327,000 after acquiring an additional 510 shares during the period. Pinnacle Associates Ltd. increased its position in Adobe by 7.8% during the third quarter. Pinnacle Associates Ltd. now owns 40,306 shares of the software company’s stock worth $11,092,000 after acquiring an additional 2,900 shares during the period. Finally, Paragon Advisors LLC increased its position in Adobe by 141.3% during the third quarter. Paragon Advisors LLC now owns 11,035 shares of the software company’s stock worth $3,037,000 after acquiring an additional 6,462 shares during the period. Institutional investors own 79.36% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $344.38 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.14 and a debt-to-equity ratio of 0.26. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $540.46. The company has a market cap of $160.10 billion, a PE ratio of 34.10, a PEG ratio of 2.15 and a beta of 1.24. The company’s 50-day moving average is $334.01 and its two-hundred day moving average is $348.81.

Analysts Set New Price Targets

Several brokerages have issued reports on ADBE. Royal Bank of Canada lowered their price target on shares of Adobe from $425.00 to $395.00 and set an “outperform” rating on the stock in a report on Wednesday, October 19th. BMO Capital Markets boosted their price target on shares of Adobe from $332.00 to $390.00 and gave the company a “market perform” rating in a report on Friday, December 16th. Citigroup boosted their price target on shares of Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a report on Monday, December 19th. Jefferies Financial Group lowered their price target on shares of Adobe from $440.00 to $420.00 and set a “buy” rating on the stock in a report on Wednesday, October 19th. Finally, Piper Sandler boosted their price target on shares of Adobe from $380.00 to $415.00 and gave the company an “overweight” rating in a report on Monday, January 9th. Fifteen equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $415.23.

Insider Buying and Selling at Adobe

In other Adobe news, Director John E. Warnock sold 3,000 shares of the company’s stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $341.91, for a total transaction of $1,025,730.00. Following the transaction, the director now directly owns 380,465 shares in the company, valued at approximately $130,084,788.15. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Adobe news, Director John E. Warnock sold 3,000 shares of the company’s stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $341.91, for a total transaction of $1,025,730.00. Following the transaction, the director now directly owns 380,465 shares in the company, valued at approximately $130,084,788.15. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the transaction, the executive vice president now owns 14,832 shares in the company, valued at $4,997,345.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,861 shares of company stock worth $9,059,395. Company insiders own 0.23% of the company’s stock.

Adobe Company Profile

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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