Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Martin Investment Management LLC

Martin Investment Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,003 shares of the software company’s stock after selling 967 shares during the period. Adobe makes up about 1.3% of Martin Investment Management LLC’s holdings, making the stock its 28th biggest position. Martin Investment Management LLC’s holdings in Adobe were worth $4,893,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe during the third quarter valued at about $26,000. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the fourth quarter valued at approximately $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $31,000. Caitlin John LLC lifted 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 in the last quarter. Finally, Mascoma Wealth Management LLC grew its position in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after purchasing an additional 50 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. BMO Capital Markets reduced their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $531.54.

Adobe Trading Down 0.1 %

Shares of NASDAQ:ADBE opened at $383.20 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s 50-day moving average is $429.81 and its 200-day moving average is $466.40. The company has a market cap of $163.32 billion, a P/E ratio of 30.90, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating 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 business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share 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.