Adobe Inc. (NASDAQ:ADBE) Holdings Cut by Neuberger Berman Group LLC

Neuberger Berman Group LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 17.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 145,982 shares of the software company’s stock after selling 30,835 shares during the quarter. Neuberger Berman Group LLC’s holdings in Adobe were worth $64,915,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in ADBE. Groupama Asset Managment grew its position in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. Decker Retirement Planning Inc. bought a new position in shares of Adobe during the 4th quarter worth about $31,000. Summit Securities Group LLC bought a new position in shares of Adobe during the 4th quarter worth about $31,000. Caitlin John LLC increased its stake in Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares during the period. Finally, Avion Wealth boosted its position in Adobe by 112.2% in the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after buying an additional 46 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $364.64 on Thursday. The stock’s fifty day moving average is $416.53 and its two-hundred day moving average is $458.06. The firm has a market capitalization of $155.41 billion, a P/E ratio of 29.41, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the company posted $4.48 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 922 shares of the business’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 transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last quarter. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent analyst reports. Wells Fargo & Company lowered their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. Evercore ISI lowered their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Mizuho decreased their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

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.