Adobe Inc. (NASDAQ:ADBE) Position Reduced by Fmr LLC

Fmr LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 20.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,667,162 shares of the software company’s stock after selling 2,023,001 shares during the period. Fmr LLC owned about 1.76% of Adobe worth $3,409,433,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Benchmark Investment Advisors LLC lifted its stake in shares of Adobe by 2.4% in the 4th quarter. Benchmark Investment Advisors LLC now owns 1,422 shares of the software company’s stock valued at $632,000 after purchasing an additional 33 shares during the last quarter. Edgewood Management LLC grew its stake in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Sepio Capital LP increased its position in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after acquiring an additional 22 shares during the period. Titleist Asset Management LLC raised its stake in Adobe by 82.2% during the 4th quarter. Titleist Asset Management LLC now owns 1,011 shares of the software company’s stock valued at $449,000 after purchasing an additional 456 shares during the last quarter. Finally, Peapack Gladstone Financial Corp boosted its holdings in Adobe by 17.8% in the 4th quarter. Peapack Gladstone Financial Corp now owns 46,900 shares of the software company’s stock valued at $20,855,000 after purchasing an additional 7,095 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average price 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 in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

ADBE opened at $349.07 on Friday. 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 Inc. has a 12-month low of $348.80 and a 12-month high of $587.75. The business has a 50 day moving average of $425.66 and a 200-day moving average of $463.60. The stock has a market cap of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the firm earned $4.48 EPS. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on ADBE shares. BMO Capital Markets reduced their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a 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 issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $531.54.

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.