Lord Abbett & Co. LLC Reduces Investment in Adobe Inc.

Lord Abbett & Co. LLC has decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 3.2% during the third quarter, as revealed in their latest SEC disclosure. After selling 3,249 shares over the quarter, the fund now holds 99,439 shares of Adobe's stock, which are valued at approximately $51,488,000 according to their most recent filing.

During this period, other institutional investors also made adjustments to their holdings in Adobe. For example, Piscataqua Savings Bank increased its position in the software company by 226.7%. They now own 49 shares, rising from an additional 34 shares purchased, putting their total investment at around $25,000. Additionally, Legacy Investment Solutions LLC made a new investment in Adobe worth approximately $26,000 during the same quarter. Meanwhile, Groupama Asset Management raised their investment by 28.8%, now owning 51,482 shares valued at $27,000 after acquiring an extra 11,522 shares.

Other significant actions include MidAtlantic Capital Management Inc. establishing a new position in the company valued at about $30,000, and True Wealth Design LLC enhancing its stake in Adobe by 141.7%, bringing their ownership to 58 shares worth $30,000 following the purchase of 34 additional shares. Notably, institutional investors collectively own 81.79% of Adobe's stock.

Adobe Insider Activity

In related news, Adobe's EVP Scott Belsky sold 481 shares of the company on October 25th for an average price of $483.42 each, generating a total of $232,525.02. Post-sale, Belsky retains ownership of 18,128 shares, now valued at over $8.76 million. This transaction represented a decline of 2.58% in his shares. Moreover, Director Amy Banse also sold shares, liquidating 606 shares on December 6th at an average price of $550.00, which amounted to $333,300. Post-transaction, Banse owns 32,929 shares worth around $18.11 million, reflecting a 1.81% decrease in her position. For the past quarter, insiders have reportedly sold 34,793 shares valued at over $18 million, with corporate insiders holding only 0.15% of the stock.

Analyst Ratings Update

Several analysts recently revised their ratings and price targets for Adobe's stock. Piper Sandler reduced their target from $635 to $600, maintaining an "overweight" rating. Similarly, Stifel Nicolaus cut their target price from $650 to $600, designating a "buy" rating. JMP Securities issued a "market perform" rating, while Jefferies Financial Group lowered their target from $700 to $650, also maintaining a "buy" stance. Lastly, Royal Bank of Canada reduced its price objective from $610 to $590 while offering an "outperform" rating. Currently, there are mixed ratings, with two analysts suggesting a sell, eight a hold, eighteen advising buy, and one recommending strong buy. The consensus rating for Adobe's stock stands at "Moderate Buy" with an average target price of $584.88.

Adobe's Recent Stock Performance

As of Friday, Adobe's stock was trading down 1.9%, with shares opening at $465.69. Over the past year, Adobe's stock has seen a low of $433.97 and a high of $638.25. The firm has a market capitalization of $205 billion, a price-to-earnings ratio of 37.56, and a PEG ratio of 2.51. Furthermore, the company's current ratio is at 1.11, alongside a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Recently, Adobe announced its quarterly earnings on December 11th, posting earnings per share of $4.81, slightly above analysts' expectations of $4.67. The company's revenue totaled $5.61 billion against the anticipated $5.54 billion, representing an 11.1% increase compared to the same period last year.

About Adobe Inc.

Adobe Inc. operates globally as a diversified software company. The organization is segmented into three main areas: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment includes various products, services, and solutions aimed at helping individuals and businesses create, publish, and promote content.

investment, stocks, insider, analysis, performance