Lmcg Investments LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 24.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 16,306 shares of the software company's stock after selling 5,236 shares during the quarter. Lmcg Investments LLC's holdings in Adobe were worth $6,254,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC grew its holdings in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP grew its holdings in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Price Performance
Shares of NASDAQ:ADBE traded up $1.29 on Thursday, hitting $415.20. The company's stock had a trading volume of 2,272,597 shares, compared to its average volume of 3,410,937. The company has a 50-day simple moving average of $380.10 and a 200 day simple moving average of $426.39. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a market capitalization of $176.96 billion, a PE ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating 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 return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company earned $4.48 EPS. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
ADBE has been the subject of several recent analyst reports. 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. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Stifel Nicolaus dropped their price target on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Finally, Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $502.88.
Read Our Latest Report on ADBE
About Adobe
(
Free Report)
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.
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