Adobe Inc. (NASDAQ:ADBE) Shares Sold by Chesley Taft & Associates LLC

Chesley Taft & Associates LLC cut its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,301 shares of the software company's stock after selling 1,760 shares during the quarter. Chesley Taft & Associates LLC's holdings in Adobe were worth $10,854,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Geode Capital Management LLC raised its stake in Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank purchased a new stake in Adobe in the fourth quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Adobe by 12.7% in 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 worth $2,375,345,000 after purchasing an additional 600,146 shares during the last quarter. Northern Trust Corp increased its stake in 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 purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC boosted its position in 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 during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Up 0.4%

ADBE stock traded up $1.72 during trading on Friday, reaching $416.92. 2,143,071 shares of the stock were exchanged, compared to its average volume of 3,405,899. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a market capitalization of $177.69 billion, a price-to-earnings ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. The business has a 50 day moving average price of $380.73 and a 200-day moving average price of $425.81. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data 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. The business 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. On average, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Morgan Stanley dropped their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird cut their price target on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Finally, Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe Company 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.