Adobe Inc. (NASDAQ:ADBE) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 5.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 276,770 shares of the software company’s stock after selling 14,531 shares during the quarter. Federated Hermes Inc.’s holdings in Adobe were worth $123,074,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new stake in Adobe in the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC grew its holdings in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares during the period. Edgewood Management LLC lifted its holdings in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after buying an additional 696,172 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Adobe in the 4th quarter valued at about $243,827,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 5.0 %

Shares of ADBE stock 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. The stock has a 50-day simple moving average of $425.66 and a 200 day simple moving average of $463.60. Adobe Inc. has a fifty-two week low of $348.80 and a fifty-two week high of $587.75. The stock has a market capitalization of $148.77 billion, a P/E ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction dated 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 acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ADBE shares. Stifel Nicolaus cut their price target on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. 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 note on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Robert W. Baird decreased their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.