Federated Hermes Inc. Sells 83,052 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Federated Hermes Inc. reduced its stake in Adobe Inc. by 30.0%, selling 83,052 shares and holding 193,718 shares worth approximately $74.3 million after the transaction.
• Other significant investors, like GAMMA Investing LLC and OVERSEA CHINESE BANKING, dramatically increased their stakes in Adobe, signifying changing market dynamics.
• Adobe recently reported earnings of $5.06 per share, exceeding analysts' expectations, with revenue of $5.87 billion—a 10.6% increase year-over-year.

Federated Hermes Inc. decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 30.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 193,718 shares of the software company's stock after selling 83,052 shares during the quarter. Federated Hermes Inc.'s holdings in Adobe were worth $74,297,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Copia Wealth Management acquired a new position in shares of Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the 1st quarter worth $26,000. Bernard Wealth Management Corp. bought a new position in shares of Adobe in the 4th quarter worth $36,000. Finally, Garde Capital Inc. bought a new position in shares of Adobe in the 1st quarter worth $34,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Down 2.8%

Shares of NASDAQ ADBE traded down $9.89 during trading on Friday, reaching $347.80. The company had a trading volume of 4,305,938 shares, compared to its average volume of 3,775,404. The stock has a market cap of $147.54 billion, a PE ratio of 22.25, a P/E/G ratio of 1.73 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. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The business's 50-day moving average is $386.92 and its 200 day moving average is $399.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating 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 company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 earnings per share. Adobe's revenue was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ADBE. Citigroup dropped their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Finally, Oppenheimer dropped their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average target price of $473.88.

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.