Adobe Inc. (NASDAQ:ADBE) Shares Sold by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.4% during the fourth quarter, HoldingsChannel reports. The firm owned 541,310 shares of the software company’s stock after selling 19,008 shares during the quarter. Adobe makes up about 1.7% of Brown Brothers Harriman & Co.’s investment portfolio, making the stock its 21st largest position. Brown Brothers Harriman & Co.’s holdings in Adobe were worth $240,710,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its stake in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after purchasing an additional 147,981 shares during the period. Norges Bank purchased a new position in shares of Adobe in the fourth quarter worth about $2,553,035,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after purchasing an additional 92,458 shares during the period. Finally, Franklin Resources Inc. boosted its position in Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after buying an additional 163,983 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ADBE shares. Citigroup reduced their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Redburn Atlantic initiated coverage on shares of Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Morgan Stanley reduced their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $533.85.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. 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 quarter. Corporate insiders own 0.16% of the company’s stock.

Adobe Trading Down 2.6 %

Shares of ADBE stock opened at $385.71 on Friday. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a 50 day moving average price of $431.81 and a 200 day moving average price of $470.42. The stock has a market capitalization of $167.94 billion, a P/E ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. 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 (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.