LVW Advisors LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 27.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 660 shares of the software company’s stock after selling 249 shares during the quarter. LVW Advisors LLC’s holdings in Adobe were worth $222,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Adobe by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 39,170,306 shares of the software company’s stock worth $10,779,668,000 after acquiring an additional 146,288 shares during the last quarter. State Street Corp increased its stake in Adobe by 0.4% in the 3rd quarter. State Street Corp now owns 18,620,262 shares of the software company’s stock worth $5,124,296,000 after acquiring an additional 71,250 shares during the last quarter. Polen Capital Management LLC increased its stake in Adobe by 1.1% in the 3rd quarter. Polen Capital Management LLC now owns 6,930,964 shares of the software company’s stock worth $1,907,401,000 after acquiring an additional 76,097 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Adobe by 7.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,424,266 shares of the software company’s stock worth $2,351,667,000 after acquiring an additional 435,380 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Adobe by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,625,238 shares of the software company’s stock worth $1,327,056,000 after acquiring an additional 22,791 shares during the last quarter. 79.36% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several equities analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Adobe from $350.00 to $360.00 and gave the company an “equal weight” rating in a research report on Thursday, March 16th. Evercore ISI increased their price objective on Adobe from $350.00 to $425.00 in a research report on Friday, December 16th. Deutsche Bank Aktiengesellschaft increased their target price on Adobe from $400.00 to $430.00 and gave the company a “buy” rating in a report on Friday, December 16th. William Blair assumed coverage on Adobe in a report on Tuesday, January 17th. They set an “outperform” rating for the company. Finally, Piper Sandler restated an “overweight” rating and set a $415.00 target price on shares of Adobe in a report on Wednesday, March 22nd. Sixteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $409.19.
Adobe Stock Up 1.6 %
Adobe (NASDAQ:ADBE – Get Rating) last posted its earnings results on Wednesday, March 15th. The software company reported $3.80 EPS for the quarter, topping analysts’ consensus estimates of $3.68 by $0.12. The business had revenue of $4.66 billion during the quarter, compared to analyst estimates of $4.62 billion. Adobe had a return on equity of 36.53% and a net margin of 26.32%. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.84 EPS. On average, research analysts forecast that Adobe Inc. will post 12.22 EPS for the current fiscal year.
Insiders Place Their Bets
In other Adobe news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction on Friday, March 17th. The stock was sold at an average price of $354.78, for a total value of $46,830.96. Following the completion of the sale, the chief accounting officer now owns 3,610 shares of the company’s stock, valued at approximately $1,280,755.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction on Friday, March 17th. The stock was sold at an average price of $354.78, for a total value of $46,830.96. Following the completion of the sale, the chief accounting officer now owns 3,610 shares of the company’s stock, valued at $1,280,755.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John E. Warnock sold 1,500 shares of Adobe stock in a transaction on Friday, March 17th. The stock was sold at an average price of $357.91, for a total value of $536,865.00. Following the completion of the sale, the director now directly owns 378,965 shares of the company’s stock, valued at approximately $135,635,363.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,747 shares of company stock valued at $7,915,709. Corporate insiders own 0.24% of the company’s stock.
About Adobe
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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