Lazard Freres Gestion S.A.S. Has $62.96 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Lazard Freres Gestion S.A.S. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 121,602 shares of the software company's stock after selling 2,496 shares during the period. Adobe accounts for approximately 1.3% of Lazard Freres Gestion S.A.S.'s holdings, making the stock its 26th largest holding. Lazard Freres Gestion S.A.S.'s holdings in Adobe were worth $62,963,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock valued at $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Adobe by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company's stock valued at $1,406,524,000 after purchasing an additional 21,444 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company's stock valued at $1,097,475,000 after purchasing an additional 12,065 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in shares of Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company's stock valued at $1,097,044,000 after purchasing an additional 15,685 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Morgan Stanley reiterated an "overweight" rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a "strong-buy" rating in a report on Monday, September 16th. Piper Sandler reiterated an "overweight" rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Bank of America reiterated a "buy" rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus target price of $606.40.

Adobe Stock Performance

NASDAQ:ADBE traded up $6.57 during midday trading on Tuesday, reaching $525.30. 2,370,189 shares of the company traded hands, compared to its average volume of 3,145,391. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $231.24 billion, a price-to-earnings ratio of 44.37, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a fifty day moving average price of $503.28 and a 200 day moving average price of $519.80.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of the business's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company's stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the business's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by company insiders.

Adobe Company 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.