Adobe Inc. (NASDAQ:ADBE) Position Trimmed by Bourne Lent Asset Management Inc.

Bourne Lent Asset Management Inc. trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 56,356 shares of the software company's stock after selling 4,500 shares during the quarter. Adobe accounts for about 9.3% of Bourne Lent Asset Management Inc.'s holdings, making the stock its 3rd largest position. Bourne Lent Asset Management Inc.'s holdings in Adobe were worth $21,614,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Geode Capital Management LLC increased its stake in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the last quarter. Norges Bank purchased a new stake in Adobe in the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC raised its position in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Down 0.2%

Shares of ADBE traded down $0.66 during trading hours on Monday, hitting $416.26. The company had a trading volume of 3,032,627 shares, compared to its average volume of 3,407,986. The firm has a fifty day moving average price of $381.41 and a 200-day moving average price of $424.16. Adobe Inc. has a 52-week low of $332.01 and a 52-week 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. The stock has a market capitalization of $177.41 billion, a price-to-earnings ratio of 33.57, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) 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 firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on ADBE. Bank of America reduced their target price on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Mizuho decreased their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $504.81.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by insiders.

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.