Lord Abbett & CO. LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Lord Abbett & CO. LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,439 shares of the software company's stock after selling 3,249 shares during the period. Lord Abbett & CO. LLC's holdings in Adobe were worth $51,488,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brookstone Capital Management lifted its stake in Adobe by 8.1% in the 2nd quarter. Brookstone Capital Management now owns 8,004 shares of the software company's stock valued at $4,507,000 after purchasing an additional 599 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Adobe by 23.7% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 10,789 shares of the software company's stock valued at $5,994,000 after acquiring an additional 2,069 shares in the last quarter. Accredited Investors Inc. bought a new stake in Adobe during the 2nd quarter worth $271,000. First Pacific Financial increased its holdings in Adobe by 5.7% in the 2nd quarter. First Pacific Financial now owns 2,420 shares of the software company's stock worth $1,344,000 after purchasing an additional 130 shares in the last quarter. Finally, Continuum Advisory LLC raised its position in Adobe by 2.8% in the second quarter. Continuum Advisory LLC now owns 3,683 shares of the software company's stock valued at $2,046,000 after purchasing an additional 100 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

ADBE stock traded down $8.94 during mid-day trading on Friday, hitting $465.69. The company had a trading volume of 11,395,512 shares, compared to its average volume of 3,231,997. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $205.00 billion, a PE ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock's fifty day moving average price is $505.16 and its two-hundred day moving average price is $523.26.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 EPS. Adobe's revenue was up 11.1% on a year-over-year basis. On average, analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ADBE shares. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a research note on Thursday. BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating for the company in a research note on Thursday. TD Cowen cut shares of Adobe from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $625.00 to $550.00 in a research note on Thursday. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Mizuho reduced their price target on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $584.88.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the business's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,793 shares of company stock worth $18,069,669. 0.15% of the stock is owned by company insiders.

Adobe 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.