Broderick Brian C Sells 4,170 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Broderick Brian C decreased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 71.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,644 shares of the software company’s stock after selling 4,170 shares during the quarter. Broderick Brian C’s holdings in Adobe were worth $731,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp increased its stake in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter valued at about $2,553,035,000. Charles Schwab Investment Management Inc. increased its holdings in Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after purchasing an additional 92,458 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after purchasing an additional 163,983 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last three months. Company insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $367.25 on Friday. Adobe Inc. has a 52-week low of $359.66 and a 52-week high of $587.75. The stock’s 50-day simple moving average is $427.38 and its 200 day simple moving average is $465.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $156.52 billion, a price-to-earnings ratio of 29.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for 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 prior year, the firm posted $4.48 earnings per share. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADBE. Piper Sandler lowered 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. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Oppenheimer decreased their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Morgan Stanley reduced their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Stifel Nicolaus dropped their price target on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $531.54.

Read Our Latest Stock Report on Adobe

Adobe Company Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).