Lord Abbett & CO. LLC Sells 1,594 Shares of Adobe Inc. (NASDAQ:ADBE)

Lord Abbett & CO. LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 97,845 shares of the software company's stock after selling 1,594 shares during the period. Lord Abbett & CO. LLC's holdings in Adobe were worth $43,510,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ADBE. Sepio Capital LP boosted its holdings in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares during the last quarter. Cadence Bank boosted its position in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the last quarter. Foster Group Inc. grew its stake in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock valued at $234,000 after purchasing an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after buying an additional 23 shares during the last quarter. Finally, Veery Capital LLC raised its stake in shares of Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company's stock valued at $585,000 after purchasing an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Up 1.0 %

Adobe stock traded up $3.61 during mid-day trading on Thursday, reaching $378.59. The company's stock had a trading volume of 958,028 shares, compared to its average volume of 3,424,850. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market capitalization of $161.35 billion, a price-to-earnings ratio of 30.52, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business's 50 day simple moving average is $388.06 and its 200 day simple moving average is $442.81.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of several research reports. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Evercore ISI reduced their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. UBS Group lowered their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Finally, Mizuho reduced their price target on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

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.