Adobe Inc. (NASDAQ:ADBE) Stake Reduced by Kennon Green & Company LLC

Kennon Green & Company LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,005 shares of the software company’s stock after selling 148 shares during the quarter. Adobe comprises approximately 1.5% of Kennon Green & Company LLC’s holdings, making the stock its 26th largest position. Kennon Green & Company LLC’s holdings in Adobe were worth $1,781,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ADBE. FMR LLC grew its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. grew its stake 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 worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd bought a new position in shares of Adobe in the fourth quarter worth $110,744,000. Erste Asset Management GmbH bought a new position in shares of Adobe in the third quarter worth $126,703,000. Finally, State Street Corp grew its stake in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $444.32 on Friday. The business has a 50 day moving average price of $440.46 and a 200 day moving average price of $494.16. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The company has a market cap of $193.41 billion, a price-to-earnings ratio of 35.83, a PEG ratio of 2.21 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ADBE. UBS Group decreased their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Citigroup cut their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Jefferies Financial Group cut their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently 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.