Adobe Inc. (NASDAQ:ADBE) Stake Cut by Harmony Asset Management LLC

Harmony Asset Management LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 31.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,858 shares of the software company's stock after selling 847 shares during the quarter. Harmony Asset Management LLC's holdings in Adobe were worth $826,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Norges Bank bought a new stake in shares of Adobe during the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC boosted its position in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Adobe by 225.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after acquiring an additional 745,827 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. BMO Capital Markets decreased their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler decreased their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Eleven equities research 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Adobe Trading Up 1.3%

Shares of Adobe stock traded up $5.26 during trading hours on Tuesday, hitting $412.95. The company's stock had a trading volume of 786,880 shares, compared to its average volume of 3,439,873. The firm has a fifty day moving average of $377.53 and a 200-day moving average of $430.35. 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 Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The stock has a market cap of $176.00 billion, a price-to-earnings ratio of 33.34, 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 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the business earned $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated 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 purchase, the chief financial officer now directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is owned by company 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.