Adobe Inc. (NASDAQ:ADBE) Holdings Trimmed by Polen Capital Management LLC

Polen Capital Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,015,574 shares of the software company’s stock after selling 296,054 shares during the quarter. Adobe accounts for approximately 3.6% of Polen Capital Management LLC’s investment portfolio, making the stock its 12th largest position. Polen Capital Management LLC owned approximately 0.69% of Adobe worth $1,340,966,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ADBE. Proficio Capital Partners LLC boosted its position in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the period. FMR LLC boosted its position 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 during the period. Raymond James Financial Inc. acquired a new position in shares of Adobe in the 4th quarter valued at $243,827,000. Assenagon Asset Management S.A. boosted its position in shares of 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 purchasing an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe in the 4th quarter valued at $110,744,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $394.74 on Monday. The firm has a market capitalization of $171.87 billion, a P/E ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock’s 50 day moving average price is $437.03 and its two-hundred day moving average price is $481.50. 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 Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the firm posted $4.48 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ADBE shares. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Mizuho reduced their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Finally, Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

Insider Buying and Selling at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe 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 sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.16% of the stock is currently owned by 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.