Lazard Asset Management LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,047,885 shares of the software company's stock after selling 99,753 shares during the quarter. Lazard Asset Management LLC owned 0.24% of Adobe worth $465,971,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the stock. Decker Retirement Planning Inc. acquired a new position in shares of Adobe during the fourth quarter worth approximately $31,000. Summit Securities Group LLC acquired a new position in Adobe in the fourth quarter valued at about $31,000. Caitlin John LLC raised its position in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares during the period. Avion Wealth increased its stake in Adobe by 112.2% in the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after purchasing an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC raised its holdings in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares during the period. 81.79% of the stock is currently owned by institutional investors.
Adobe Stock Performance
Shares of ADBE stock traded up $5.22 on Thursday, reaching $404.69. The stock had a trading volume of 2,761,601 shares, compared to its average volume of 3,430,094. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market capitalization of $172.48 billion, a price-to-earnings ratio of 32.64, a P/E/G ratio of 2.15 and a beta of 1.55. The firm's 50-day moving average is $376.62 and its two-hundred day moving average is $435.30. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the previous year, the business posted $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on ADBE shares. StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Wells Fargo & Company decreased their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Bank of America lowered their target price on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. 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 company's stock. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average price target of $502.88.
View Our Latest Report on ADBE
Insider Activity at Adobe
In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by corporate insiders.
Adobe Profile
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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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