HHR Asset Management LLC Sells 4,141 Shares of Adobe Inc. (NASDAQ:ADBE)

HHR Asset Management LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 7.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 52,560 shares of the software company’s stock after selling 4,141 shares during the quarter. Adobe comprises 4.3% of HHR Asset Management LLC’s holdings, making the stock its 15th biggest position. HHR Asset Management LLC’s holdings in Adobe were worth $23,948,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADBE. BlackRock Inc. increased its stake in shares of Adobe by 3.3% in the 4th quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after acquiring an additional 1,212,093 shares during the last quarter. State Street Corp boosted its position in Adobe by 3.4% during the 4th quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock worth $11,086,911,000 after acquiring an additional 643,656 shares during the last quarter. Geode Capital Management LLC boosted its position in Adobe by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 8,597,416 shares of the software company’s stock worth $4,863,475,000 after acquiring an additional 211,062 shares during the last quarter. Fisher Asset Management LLC boosted its position in Adobe by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 6,739,460 shares of the software company’s stock worth $3,821,679,000 after acquiring an additional 304,991 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Adobe by 8.8% during the 4th quarter. Alliancebernstein L.P. now owns 5,269,102 shares of the software company’s stock worth $2,987,897,000 after acquiring an additional 427,550 shares during the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.

ADBE has been the subject of a number of recent research reports. Evercore ISI reduced their price target on Adobe from $650.00 to $475.00 and set an “outperform” rating for the company in a research report on Friday, June 17th. Citigroup reduced their price target on Adobe from $455.00 to $425.00 and set a “neutral” rating for the company in a research report on Tuesday, June 14th. Argus cut their price objective on Adobe from $764.00 to $575.00 and set a “buy” rating for the company in a report on Monday, March 28th. BNP Paribas assumed coverage on Adobe in a report on Tuesday, March 29th. They issued an “outperform” rating and a $570.00 price objective for the company. Finally, Robert W. Baird cut their price objective on Adobe from $550.00 to $450.00 and set an “outperform” rating for the company in a report on Friday, June 17th. Seven analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $489.31.

In other Adobe news, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction that occurred on Friday, March 25th. The stock was sold at an average price of $435.44, for a total value of $1,197,460.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction that occurred on Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total value of $2,021,500.00. Following the completion of the sale, the director now owns 405,165 shares of the company’s stock, valued at $163,808,209.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,075 shares of company stock worth $4,596,246. 0.23% of the stock is owned by insiders.

Adobe stock opened at $365.33 on Thursday. The stock’s 50 day moving average is $403.52 and its 200 day moving average is $467.67. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.04. The firm has a market cap of $172.62 billion, a P/E ratio of 35.68, a P/E/G ratio of 1.98 and a beta of 1.08. Adobe Inc. has a one year low of $338.00 and a one year high of $699.54.

Adobe (NASDAQ:ADBE – Get Rating) last posted its quarterly earnings data on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same period last year, the company earned $2.56 EPS. Equities analysts anticipate that Adobe Inc. will post 10.98 earnings per share for the current fiscal year.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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