Janus Henderson Group PLC Sells 233,090 Shares of Adobe Inc. (NASDAQ:ADBE)

Janus Henderson Group PLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 33.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 471,407 shares of the software company’s stock after selling 233,090 shares during the quarter. Janus Henderson Group PLC owned 0.11% of Adobe worth $209,631,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC lifted its position in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of 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 lifted its position in shares of Adobe by 225.9% in 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 buying an additional 745,827 shares during the last quarter. Finally, FIL Ltd lifted its position in shares of Adobe by 130.9% in the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock valued at $573,014,000 after buying an additional 730,520 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. DA Davidson dropped their price target on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. Robert W. Baird dropped their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Citigroup dropped their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Mizuho lowered their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Stifel Nicolaus lowered their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Down 0.2%

ADBE opened at $383.28 on Monday. The business’s fifty day simple moving average is $379.67 and its 200 day simple moving average is $436.43. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $163.35 billion, a PE ratio of 30.91, a P/E/G 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the firm earned $4.48 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by company 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.