Adobe Inc. (NASDAQ:ADBE) Position Trimmed by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 99,439 shares of the software company’s stock after selling 3,249 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Adobe were worth $51,488,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ADBE. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new position in Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment raised its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter valued at about $30,000. Finally, True Wealth Design LLC boosted its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,793 shares of company stock valued at $18,069,669. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on ADBE. Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday. Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada decreased their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Trading Down 1.9 %

Shares of Adobe stock opened at $465.69 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company’s fifty day simple moving average is $505.16 and its 200-day simple moving average is $523.26. The company has a market cap of $205.00 billion, a price-to-earnings ratio of 37.56, a PEG ratio of 2.51 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 16.73 EPS for the current 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.