Adobe Inc. (NASDAQ:ADBE) Shares Sold by Marathon Asset Management Ltd

Marathon Asset Management Ltd lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 5.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,993 shares of the software company’s stock after selling 5,235 shares during the period. Marathon Asset Management Ltd’s holdings in Adobe were worth $42,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the 3rd quarter worth about $26,000. Groupama Asset Managment grew its stake in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC grew its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction 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 of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

NASDAQ ADBE opened at $438.49 on Monday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The stock has a market cap of $190.87 billion, a price-to-earnings ratio of 35.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The business has a fifty day moving average of $439.71 and a 200-day moving average of $490.59. 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 released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the firm posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ADBE shares. DA Davidson dropped their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $590.00 price target on shares of Adobe in a research note on Thursday, February 13th. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

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.