Prana Capital Management LP Sells 12,039 Shares of Adobe Inc. (NASDAQ:ADBE)

Prana Capital Management LP lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 37.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,323 shares of the software company's stock after selling 12,039 shares during the period. Prana Capital Management LP's holdings in Adobe were worth $9,037,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter worth about $2,553,035,000. Northern Trust Corp boosted its stake in Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Edgewood Management LLC boosted its stake 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 purchasing an additional 696,172 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Adobe by 4.0% in the 4th quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock worth $1,555,031,000 after purchasing an additional 133,556 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $12.44 during midday trading on Friday, hitting $417.13. 5,386,758 shares of the company's stock traded hands, compared to its average volume of 3,446,149. The firm has a fifty day moving average of $375.68 and a 200 day moving average of $433.93. The stock has a market capitalization of $177.78 billion, a price-to-earnings ratio of 33.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

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

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of analyst reports. Bank of America dropped their price target on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. BMO Capital Markets decreased their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating for the company. Morgan Stanley decreased their target price 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, Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Eleven 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

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.