Adobe Inc. (NASDAQ:ADBE) Shares Sold by Black Maple Capital Management LP

Black Maple Capital Management LP trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 800 shares of the software company’s stock after selling 50 shares during the quarter. Black Maple Capital Management LP’s holdings in Adobe were worth $356,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ADBE. Norges Bank purchased a new stake in Adobe in the fourth quarter valued at $2,553,035,000. Proficio Capital Partners LLC increased its position in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after purchasing an additional 952,233 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Adobe by 225.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company’s stock valued at $478,453,000 after buying an additional 745,827 shares during the last quarter. Finally, FIL Ltd boosted its stake in shares of Adobe by 130.9% during the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after buying an additional 730,520 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.7 %

ADBE stock opened at $380.87 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market capitalization of $162.33 billion, a PE ratio of 30.72, a P/E/G ratio of 2.15 and a beta of 1.55. The company’s 50 day simple moving average is $385.41 and its 200-day simple moving average is $440.57.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the business posted $4.48 earnings per share. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Citigroup dropped their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Jefferies Financial Group decreased their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Piper Sandler cut their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Finally, Evercore ISI lowered their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven research analysts have rated the stock with 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is 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.