Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cannell & Spears LLC

Cannell & Spears LLC cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 25.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,972 shares of the software company's stock after selling 28,256 shares during the period. Cannell & Spears LLC's holdings in Adobe were worth $36,451,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ADBE. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC boosted its stake in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Adobe in the fourth quarter valued at $243,827,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company's stock valued at $519,646,000 after buying an additional 347,536 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE traded down $14.22 during trading hours on Thursday, reaching $371.56. 2,737,245 shares of the company traded hands, compared to its average volume of 3,794,182. The stock has a market capitalization of $158.36 billion, a PE ratio of 29.96, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock has a fifty day simple moving average of $428.78 and a 200 day simple moving average of $465.84. Adobe Inc. has a fifty-two week low of $367.77 and a fifty-two 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.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. StockNews.com lowered Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $530.00 target price on shares of Adobe in a report on Wednesday, March 19th. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen downgraded Adobe from a "buy" rating to a "hold" rating and cut their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Eleven investment 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 company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $531.54.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated 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 sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were bought at an average price 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 approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.16% of the stock is currently owned by 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.