Boston Common Asset Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 24.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 27,876 shares of the software company’s stock after selling 9,002 shares during the period. Boston Common Asset Management LLC’s holdings in Adobe were worth $12,396,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the company. Commonwealth Financial Services LLC lifted its stake in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its position in Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the last quarter. Connable Office Inc. boosted its stake in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank grew its position in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the last quarter. Finally, Sfmg LLC increased its stake in Adobe by 3.1% in the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock valued at $393,000 after purchasing an additional 21 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on ADBE shares. Stifel Nicolaus decreased their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Mizuho decreased their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Citigroup dropped their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.
Adobe Price Performance
NASDAQ ADBE traded up $3.18 during trading hours on Friday, reaching $430.11. The company’s stock had a trading volume of 559,639 shares, compared to its average volume of 3,827,885. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The company’s 50-day moving average is $479.32 and its two-hundred day moving average is $514.33. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The stock has a market cap of $189.34 billion, a PE ratio of 34.71, a PEG ratio of 1.97 and a beta of 1.31.
Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the business earned $3.52 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.
Insiders Place Their Bets
In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,763 shares of company stock valued at $893,665. Corporate insiders own 0.15% of the company’s stock.
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.
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