Olympiad Research LP Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Olympiad Research LP lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 41.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 896 shares of the software company’s stock after selling 638 shares during the period. Olympiad Research LP’s holdings in Adobe were worth $398,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. FMR LLC boosted its position in 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 buying an additional 787,356 shares during the period. Assenagon Asset Management S.A. boosted its position in Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the period. Seilern Investment Management Ltd purchased a new position in Adobe in the 4th quarter valued at approximately $110,744,000. Erste Asset Management GmbH purchased a new position in Adobe in the 3rd quarter valued at approximately $126,703,000. Finally, State Street Corp lifted its position in shares of Adobe by 1.2% during the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 2.3 %

NASDAQ ADBE opened at $444.32 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $193.41 billion, a PE ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The firm’s fifty day moving average is $440.46 and its two-hundred day moving average is $494.02.

Adobe (NASDAQ:ADBE) last issued its quarterly 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the business posted $3.52 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Sanford C. Bernstein decreased their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Piper Sandler decreased 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. Stifel Nicolaus decreased their price objective 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. UBS Group decreased their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $570.88.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

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.