Adobe Inc. (NASDAQ:ADBE) Shares Sold by First Manhattan CO. LLC.

First Manhattan CO. LLC. lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,507 shares of the software company's stock after selling 1,190 shares during the period. First Manhattan CO. LLC.'s holdings in Adobe were worth $2,449,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ADBE. Sepio Capital LP grew its holdings in shares of Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the last quarter. Cadence Bank lifted its position in 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 increased its holdings in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares during the period. Foster Group Inc. lifted its holdings in shares of Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after purchasing an additional 23 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC boosted its position in Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after buying an additional 23 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Transactions at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Wells Fargo & Company lowered their price target on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Mizuho decreased their price objective on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, BNP Paribas upgraded shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Eleven 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe Stock Up 0.5%

Shares of Adobe stock traded up $2.07 during trading on Wednesday, hitting $399.47. 2,405,296 shares of the stock were exchanged, compared to its average volume of 3,432,999. The stock has a market cap of $170.25 billion, a price-to-earnings ratio of 32.22, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm's 50-day moving average price is $377.62 and its 200 day moving average price is $435.54. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. 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 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. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.