Clearbridge Investments LLC Sells 637,325 Shares of Adobe Inc. (NASDAQ:ADBE)

Clearbridge Investments LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,314,546 shares of the software company's stock after selling 637,325 shares during the period. Clearbridge Investments LLC owned approximately 0.30% of Adobe worth $584,552,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ADBE. United Bank grew its holdings in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after buying an additional 428 shares during the last quarter. Circle Wealth Management LLC boosted its stake in Adobe by 110.0% during the 3rd quarter. Circle Wealth Management LLC now owns 4,346 shares of the software company's stock valued at $2,250,000 after purchasing an additional 2,276 shares during the last quarter. JAT Capital Mgmt LP purchased a new stake in Adobe during the 3rd quarter valued at $2,178,000. Ironwood Investment Counsel LLC increased its holdings in shares of Adobe by 0.8% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 12,401 shares of the software company's stock worth $6,421,000 after purchasing an additional 100 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in shares of Adobe in the third quarter worth $719,000. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of ADBE stock traded up $2.19 during trading hours on Wednesday, hitting $385.39. The stock had a trading volume of 1,418,378 shares, compared to its average volume of 3,322,415. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $164.25 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The stock's 50-day moving average price is $429.81 and its two-hundred day moving average price is $466.40.

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Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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 business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the company posted $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent analyst reports. Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Evercore ISI lowered their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. StockNews.com downgraded Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Finally, Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $531.54.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% 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.