Oppenheimer Asset Management Inc. Has $44.88 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Oppenheimer Asset Management Inc. reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 100,922 shares of the software company’s stock after selling 7,612 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Adobe were worth $44,878,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Swedbank AB boosted its holdings in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the period. Hunter Associates Investment Management LLC increased its position in Adobe by 28.9% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 891 shares of the software company’s stock worth $463,000 after purchasing an additional 200 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. acquired a new position in Adobe during the 3rd quarter worth approximately $435,000. Fortitude Family Office LLC grew its holdings in Adobe by 31.1% during the 3rd quarter. Fortitude Family Office LLC now owns 173 shares of the software company’s stock worth $90,000 after acquiring an additional 41 shares during the last quarter. Finally, Integrated Advisors Network LLC boosted its stake in shares of Adobe by 34.6% in the 3rd quarter. Integrated Advisors Network LLC now owns 5,927 shares of the software company’s stock valued at $3,069,000 after purchasing an additional 1,522 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ADBE. BMO Capital Markets dropped their target price on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho cut their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Piper Sandler cut 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, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Trading Down 0.4 %

Shares of ADBE stock opened at $441.50 on Thursday. The company has a market capitalization of $192.18 billion, a P/E ratio of 35.60, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The business’s 50 day moving average is $439.88 and its two-hundred day moving average is $492.27.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.52 earnings per share. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.