Adobe Inc. (NASDAQ:ADBE) Position Lowered by Lazard Asset Management LLC

Lazard Asset Management LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,047,885 shares of the software company’s stock after selling 99,753 shares during the quarter. Lazard Asset Management LLC’s holdings in Adobe were worth $465,971,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Adobe in the fourth quarter worth $2,553,035,000. Proficio Capital Partners LLC grew its stake 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 worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Adobe by 225.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company’s stock valued at $478,453,000 after acquiring an additional 745,827 shares during the period. Finally, FIL Ltd lifted its position in Adobe by 130.9% in the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock valued at $573,014,000 after purchasing an additional 730,520 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $383.28 on Monday. The firm has a market capitalization of $163.35 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a 50-day moving average price of $379.67 and a 200 day moving average price of $436.43.

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, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the business posted $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets cut their price target on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Citigroup lowered their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Eleven equities research 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 stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

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.