Bennett Selby Investments LP Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Bennett Selby Investments LP lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,231 shares of the software company’s stock after selling 152 shares during the quarter. Bennett Selby Investments LP’s holdings in Adobe were worth $856,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ADBE. Brighton Jones LLC grew its holdings in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in Adobe during the 4th quarter worth approximately $76,712,000. Strategic Financial Concepts LLC acquired a new position in Adobe during the fourth quarter worth approximately $24,927,000. Golden State Wealth Management LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $229,000. Finally, Platform Technology Partners boosted its holdings in shares of Adobe by 6.0% in the fourth quarter. Platform Technology Partners now owns 672 shares of the software company’s stock valued at $299,000 after acquiring an additional 38 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. UBS Group lowered their price target on Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Wells Fargo & Company dropped their price target on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Bank of America decreased their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Finally, Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Up 0.4%

Shares of NASDAQ:ADBE opened at $416.92 on Friday. The company 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. The stock’s fifty day simple moving average is $381.41 and its 200-day simple moving average is $424.72. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. 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 issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost 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 in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.