Neuberger Berman Group LLC Sells 30,835 Shares of Adobe Inc. (NASDAQ:ADBE)

Neuberger Berman Group LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 17.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 145,982 shares of the software company’s stock after selling 30,835 shares during the period. Neuberger Berman Group LLC’s holdings in Adobe were worth $64,915,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Decker Retirement Planning Inc. bought a new position in Adobe during the 4th quarter worth approximately $31,000. Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter valued at about $31,000. Caitlin John LLC lifted its position in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Mascoma Wealth Management LLC lifted its position in shares of Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares in the last quarter. Finally, LFA Lugano Financial Advisors SA purchased a new stake in Adobe during the fourth quarter valued at approximately $38,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 7.2 %

NASDAQ ADBE opened at $364.64 on Thursday. The stock has a market cap of $155.41 billion, a P/E ratio of 29.41, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average price is $416.53 and its 200-day moving average price is $458.06. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the business earned $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. UBS Group set a $495.00 target price on Adobe in a report on Thursday, March 13th. Redburn Atlantic started coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Barclays dropped their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Piper Sandler reduced their price target 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, BMO Capital Markets cut their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is 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.