Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Haverford Trust Co

Haverford Trust Co decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,469 shares of the software company’s stock after selling 303 shares during the quarter. Haverford Trust Co’s holdings in Adobe were worth $2,432,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its holdings in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares in the last quarter. Arizona State Retirement System raised its holdings in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after buying an additional 570 shares in the last quarter. Public Sector Pension Investment Board lifted its position in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after buying an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc increased its holdings in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents 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 the SEC website. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Performance

Adobe stock opened at $394.47 on Tuesday. The firm has a market capitalization of $171.75 billion, a P/E ratio of 31.81, a P/E/G ratio of 2.15 and a beta of 1.37. The stock has a fifty day moving average price of $433.88 and a two-hundred day moving average price of $473.88. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the company posted $4.48 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Wells Fargo & Company decreased their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $538.80.

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.