Adobe Inc. (NASDAQ:ADBE) Shares Sold by Tranquility Partners LLC

Tranquility Partners LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.8% in the 4th quarter, HoldingsChannel reports. The fund owned 1,144 shares of the software company’s stock after selling 70 shares during the quarter. Tranquility Partners LLC’s holdings in Adobe were worth $509,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp grew its position in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares during the period. Geode Capital Management LLC boosted its stake in shares of Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares in the last quarter. FMR LLC grew its holdings in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Fisher Asset Management LLC increased its stake in Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $462.76 on Thursday. 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 company has a market capitalization of $201.44 billion, a price-to-earnings ratio of 37.32, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $610.33. The business has a 50 day simple moving average of $451.47 and a 200-day simple moving average of $497.93.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the firm earned $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the topic of several recent research reports. Barclays decreased their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. Finally, BMO Capital Markets reduced their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last quarter. Insiders own 0.15% of the company’s stock.

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.