Prana Capital Management LP Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Prana Capital Management LP reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 37.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,323 shares of the software company’s stock after selling 12,039 shares during the period. Prana Capital Management LP’s holdings in Adobe were worth $9,037,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. ProShare Advisors LLC raised its holdings in Adobe by 18.8% in the 4th quarter. ProShare Advisors LLC now owns 591,711 shares of the software company’s stock valued at $263,122,000 after buying an additional 93,841 shares during the period. Quantinno Capital Management LP lifted its position in shares of Adobe by 12.7% during the fourth quarter. Quantinno Capital Management LP now owns 49,432 shares of the software company’s stock worth $21,982,000 after purchasing an additional 5,589 shares in the last quarter. Parkwood LLC lifted its position in shares of Adobe by 30.7% during the fourth quarter. Parkwood LLC now owns 25,034 shares of the software company’s stock worth $11,132,000 after purchasing an additional 5,879 shares in the last quarter. Mufg Securities Americas Inc. purchased a new stake in Adobe during the 4th quarter worth approximately $2,890,000. Finally, Nissay Asset Management Corp Japan ADV lifted its holdings in Adobe by 4.9% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 104,624 shares of the software company’s stock worth $46,713,000 after buying an additional 4,884 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 0.5%

Shares of ADBE stock opened at $399.47 on Thursday. The business’s fifty day moving average price is $376.62 and its 200 day moving average price is $435.30. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market capitalization of $170.25 billion, a PE ratio of 32.22, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADBE. Royal Bank of Canada decreased their price target on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. Morgan Stanley cut their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Stifel Nicolaus lowered their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Finally, StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Eleven 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $502.88.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

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.