Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lessened by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 2.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,990 shares of the software company’s stock after selling 233 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Adobe were worth $3,553,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Insight Inv LLC acquired a new position in Adobe during the fourth quarter valued at $235,000. Stewardship Advisors LLC lifted its position in shares of Adobe by 10.6% in the fourth quarter. Stewardship Advisors LLC now owns 541 shares of the software company’s stock worth $241,000 after purchasing an additional 52 shares in the last quarter. B.O.S.S. Retirement Advisors LLC boosted its holdings in shares of Adobe by 71.3% during the fourth quarter. B.O.S.S. Retirement Advisors LLC now owns 879 shares of the software company’s stock worth $391,000 after purchasing an additional 366 shares during the period. Advocate Group LLC grew its position in Adobe by 11.3% during the fourth quarter. Advocate Group LLC now owns 12,383 shares of the software company’s stock valued at $5,506,000 after purchasing an additional 1,255 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its position in Adobe by 8.0% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 10,672 shares of the software company’s stock worth $4,746,000 after buying an additional 794 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred 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 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. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Bank of America reduced their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler cut their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Down 0.4 %

ADBE opened at $435.38 on Friday. The firm has a market cap of $189.52 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31. 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 firm’s 50-day simple moving average is $468.14 and its 200-day simple moving average is $508.06. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.