Fmr LLC Sells 2,023,001 Shares of Adobe Inc. (NASDAQ:ADBE)

FMR LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,667,162 shares of the software company's stock after selling 2,023,001 shares during the period. FMR LLC owned 1.76% of Adobe worth $3,409,433,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. United Bank grew its holdings in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company's stock worth $1,344,000 after purchasing an additional 428 shares during the period. Quarry LP grew its stake in shares of Adobe by 445.2% in the 3rd quarter. Quarry LP now owns 229 shares of the software company's stock valued at $119,000 after buying an additional 187 shares during the period. Two Sigma Advisers LP increased its position in Adobe by 13.3% in the 3rd quarter. Two Sigma Advisers LP now owns 58,700 shares of the software company's stock valued at $30,394,000 after buying an additional 6,900 shares in the last quarter. Insigneo Advisory Services LLC raised its stake in Adobe by 0.9% during the 3rd quarter. Insigneo Advisory Services LLC now owns 4,732 shares of the software company's stock worth $2,450,000 after buying an additional 40 shares during the period. Finally, EP Wealth Advisors LLC boosted its holdings in Adobe by 411.7% in the third quarter. EP Wealth Advisors LLC now owns 45,738 shares of the software company's stock worth $23,682,000 after acquiring an additional 36,799 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. Bank of America lowered their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. DA Davidson reduced their price objective on shares of Adobe from $685.00 to $625.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research 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's stock. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $531.54.

Insider Activity at Adobe

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 value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company's stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company's stock.

Adobe Stock Performance

NASDAQ:ADBE traded down $15.50 during trading hours on Thursday, reaching $349.14. The stock had a trading volume of 3,367,863 shares, compared to its average volume of 3,391,976. The stock has a market cap of $148.81 billion, a P/E ratio of 28.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The stock has a 50 day simple moving average of $416.53 and a 200 day simple moving average of $458.06. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business earned $4.48 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.