Adobe Inc. (NASDAQ:ADBE) Position Cut by Logan Capital Management Inc.

Logan Capital Management Inc. decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,087 shares of the software company's stock after selling 1,568 shares during the period. Logan Capital Management Inc.'s holdings in Adobe were worth $11,600,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Sepio Capital LP lifted its holdings in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank grew its position in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC boosted its stake in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares during the last quarter. Foster Group Inc. lifted its holdings in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after acquiring an additional 23 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC increased its position in Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after purchasing an additional 23 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on ADBE shares. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. UBS Group decreased their target price on Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. BMO Capital Markets reduced their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Finally, Robert W. Baird dropped their price objective on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Up 1.3%

NASDAQ ADBE traded up $5.22 during trading hours on Thursday, reaching $404.69. 2,761,601 shares of the company traded hands, compared to its average volume of 3,430,094. The stock has a market capitalization of $172.48 billion, a PE ratio of 32.64, a PEG ratio of 2.15 and a beta of 1.55. The company has a 50 day moving average of $376.62 and a two-hundred day moving average of $435.30. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its 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 company had revenue of $5.71 billion during 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 quarter last year, the firm earned $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price 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 of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is owned by company insiders.

About Adobe

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.