Bourne Lent Asset Management Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Bourne Lent Asset Management Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 56,356 shares of the software company’s stock after selling 4,500 shares during the period. Adobe accounts for about 9.3% of Bourne Lent Asset Management Inc.’s portfolio, making the stock its 3rd largest position. Bourne Lent Asset Management Inc.’s holdings in Adobe were worth $21,614,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Sepio Capital LP grew its position in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after buying an additional 22 shares during the last quarter. Cadence Bank grew its position in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after buying an additional 22 shares during the last quarter. Eagle Strategies LLC grew its position in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after buying an additional 22 shares during the last quarter. RB Capital Management LLC grew its position in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after buying an additional 22 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC grew its position in shares of Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after buying an additional 23 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ADBE shares. Wells Fargo & Company reduced their price target on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group reduced their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Citigroup reduced 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. Oppenheimer reduced their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Mizuho cut their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research 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 company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Adobe Stock Up 0.4%

ADBE stock opened at $416.92 on Friday. The stock’s 50 day simple moving average is $381.41 and its 200 day simple moving average is $424.72. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 company has a market cap of $177.69 billion, a P/E ratio of 33.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

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

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.