Adobe Inc. (NASDAQ:ADBE) Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC reduced its stake in Adobe by 17.9%, now owning 119,845 shares valued at approximately $45.96 million after selling 26,137 shares in the first quarter.
• Analysts have mixed ratings for Adobe, with four sell ratings, eight hold ratings, and sixteen buy ratings; the consensus price target is $467.58.
• Adobe's recent earnings report showed a 10.6% revenue increase year-over-year, with EPS of $5.06 surpassing estimates of $4.97.

Neuberger Berman Group LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,845 shares of the software company's stock after selling 26,137 shares during the quarter. Neuberger Berman Group LLC's holdings in Adobe were worth $45,964,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADBE. Cadence Bank raised its holdings in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after acquiring an additional 22 shares during the period. Eagle Strategies LLC raised its holdings in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC raised its holdings in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after acquiring an additional 22 shares during the period. Orin Green Financial LLC raised its holdings in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after acquiring an additional 23 shares during the period. Finally, Diligent Investors LLC raised its holdings in shares of Adobe by 1.2% during the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock worth $961,000 after acquiring an additional 26 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a report on Wednesday, July 2nd. Finally, Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Trading Down 0.7%

NASDAQ ADBE traded down $2.49 during trading on Thursday, hitting $348.58. The stock had a trading volume of 3,742,921 shares, compared to its average volume of 3,564,123. The company has a market capitalization of $147.87 billion, a PE ratio of 22.30, a PEG ratio of 1.66 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average price of $373.08 and a 200 day moving average price of $393.45. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the company posted $4.48 earnings per share. The business's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe 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.