Douglas Lane & Associates LLC Has $1.45 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Douglas Lane & Associates LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,252 shares of the software company’s stock after selling 81 shares during the period. Douglas Lane & Associates LLC’s holdings in Adobe were worth $1,446,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fulton Bank N.A. increased its position in shares of Adobe by 3.2% during the fourth quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock worth $7,195,000 after buying an additional 499 shares during the period. Northcape Capital Pty Ltd boosted its position in Adobe by 44.4% during the fourth quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock valued at $2,292,000 after acquiring an additional 1,585 shares during the last quarter. One Wealth Capital Management LLC acquired a new stake in Adobe during the 4th quarter worth about $1,057,000. Norway Savings Bank raised its position in shares of Adobe by 33.3% in the 4th quarter. Norway Savings Bank now owns 2,262 shares of the software company’s stock worth $1,006,000 after acquiring an additional 565 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in shares of Adobe by 27.6% in the 4th quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock valued at $3,656,000 after purchasing an additional 1,776 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 in the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $419.58 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $184.70 billion, a price-to-earnings ratio of 33.84, a P/E/G ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 52 week low of $415.51 and a 52 week high of $638.25. The firm’s 50-day simple moving average is $486.71 and its two-hundred day simple moving average is $518.66.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. DA Davidson dropped their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein decreased their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday. Finally, Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $575.85.

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.