Flagship Harbor Advisors LLC Sells 233 Shares of Adobe Inc. (NASDAQ:ADBE)

Flagship Harbor Advisors LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,990 shares of the software company’s stock after selling 233 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Adobe were worth $3,553,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ADBE. Insight Inv LLC acquired a new stake in shares of Adobe during the fourth quarter worth $235,000. Stewardship Advisors LLC raised its position in Adobe by 10.6% in the 4th quarter. Stewardship Advisors LLC now owns 541 shares of the software company’s stock valued at $241,000 after buying an additional 52 shares during the last quarter. B.O.S.S. Retirement Advisors LLC lifted its stake in Adobe by 71.3% in the 4th quarter. B.O.S.S. Retirement Advisors LLC now owns 879 shares of the software company’s stock valued at $391,000 after acquiring an additional 366 shares in the last quarter. Advocate Group LLC boosted its position in Adobe by 11.3% during the 4th quarter. Advocate Group LLC now owns 12,383 shares of the software company’s stock worth $5,506,000 after acquiring an additional 1,255 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC grew its stake in shares of Adobe by 8.0% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 10,672 shares of the software company’s stock worth $4,746,000 after acquiring an additional 794 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.4 %

ADBE stock opened at $435.38 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a market capitalization of $189.52 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company’s 50-day simple moving average is $468.14 and its 200 day simple moving average is $508.06. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ADBE shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. 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 note on Thursday, December 12th. Jefferies Financial Group decreased 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. Sanford C. Bernstein reduced their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.