Brown Brothers Harriman & Co. Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Brown Brothers Harriman & Co. lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 541,310 shares of the software company’s stock after selling 19,008 shares during the quarter. Adobe makes up 1.7% of Brown Brothers Harriman & Co.’s portfolio, making the stock its 21st biggest holding. Brown Brothers Harriman & Co. owned approximately 0.12% of Adobe worth $240,710,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. 1ST Source Bank grew its holdings in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares in the last quarter. Foster Group Inc. grew its stake in Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after acquiring an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its stake in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after purchasing an additional 23 shares in the last quarter. Veery Capital LLC boosted its holdings in shares of Adobe by 1.9% during the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after purchasing an additional 24 shares during the last quarter. Finally, Cornerstone Wealth Management LLC boosted its holdings in shares of Adobe by 1.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock valued at $590,000 after purchasing an additional 24 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last 90 days. Company insiders own 0.16% of the company’s stock.

Adobe Price Performance

ADBE opened at $385.71 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s fifty day simple moving average is $431.81 and its 200-day simple moving average is $470.42. The company has a market capitalization of $167.94 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. On average, equities 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 recently commented on the company. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday, January 15th. Mizuho reduced their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley lowered their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Citigroup reduced their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $533.85.

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.