Flputnam Investment Management Co. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Flputnam Investment Management Co. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 19.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,934 shares of the software company’s stock after selling 5,455 shares during the quarter. Flputnam Investment Management Co.’s holdings in Adobe were worth $9,754,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Swedbank AB raised its stake in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the period. JFS Wealth Advisors LLC increased its holdings in Adobe by 586.4% during the third quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company’s stock worth $547,000 after buying an additional 903 shares during the last quarter. Financial Advocates Investment Management raised its position in Adobe by 2.2% in the third quarter. Financial Advocates Investment Management now owns 3,214 shares of the software company’s stock worth $1,664,000 after acquiring an additional 68 shares during the period. PineStone Asset Management Inc. boosted its stake in Adobe by 0.9% in the third quarter. PineStone Asset Management Inc. now owns 278,363 shares of the software company’s stock valued at $144,131,000 after acquiring an additional 2,400 shares during the last quarter. Finally, LCM Capital Management Inc boosted its stake in Adobe by 1.3% in the third quarter. LCM Capital Management Inc now owns 2,699 shares of the software company’s stock valued at $1,397,000 after acquiring an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on ADBE. UBS Group lowered their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Performance

NASDAQ:ADBE opened at $438.49 on Friday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. 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 market cap of $190.87 billion, a P/E ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. The business’s 50-day moving average price is $439.71 and its two-hundred day moving average price is $491.24.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $5.54 billion. During the same period last year, the firm posted $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $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. In the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe 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.