Ironvine Capital Partners LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Ironvine Capital Partners LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,593 shares of the software company's stock after selling 6,323 shares during the quarter. Adobe makes up approximately 1.3% of Ironvine Capital Partners LLC's portfolio, making the stock its 22nd largest holding. Ironvine Capital Partners LLC's holdings in Adobe were worth $11,825,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Adobe in the 4th quarter worth about $2,553,035,000. Proficio Capital Partners LLC increased its stake 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 worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake 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 worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. FIL Ltd raised its position in shares of Adobe by 130.9% in the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after purchasing an additional 730,520 shares during the period. Finally, Edgewood Management LLC boosted its holdings in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $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.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.16% of the company's stock.

Adobe Trading Down 0.6 %

Adobe stock traded down $2.08 during mid-day trading on Monday, hitting $365.65. The company's stock had a trading volume of 1,607,756 shares, compared to its average volume of 3,431,164. The business has a 50 day moving average price of $392.89 and a 200-day moving average price of $444.67. 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 Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market cap of $155.84 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations 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 business posted $4.48 EPS. As a group, analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. DA Davidson lowered their target price on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Stifel Nicolaus reduced their target price on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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.