Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bourne Lent Asset Management Inc.

Bourne Lent Asset Management Inc. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,356 shares of the software company’s stock after selling 4,500 shares during the quarter. Adobe makes up about 9.3% of Bourne Lent Asset Management Inc.’s investment portfolio, making the stock its 3rd largest holding. Bourne Lent Asset Management Inc.’s holdings in Adobe were worth $21,614,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in ADBE. Geode Capital Management LLC boosted its position in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank bought a new stake in Adobe during the fourth quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp boosted its position in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC boosted its position in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Adobe stock opened at $416.92 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a fifty day moving average price of $381.41 and a two-hundred day moving average price of $424.72. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market capitalization of $177.69 billion, a P/E ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Summit Redstone set a $410.00 target price on Adobe in a research report on Wednesday, March 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $480.00 price target on shares of Adobe in a report on Thursday. Finally, JPMorgan Chase & Co. cut their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction 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 purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Adobe Company 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.