Abner Herrman & Brock LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Abner Herrman & Brock LLC has decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.7% in the fourth quarter, as noted in their latest filing with the SEC. After selling 1,774 shares during this period, the institutional investor now holds 29,536 shares of Adobe, which constitutes about 1.6% of their investment portfolio. This makes Adobe the 28th largest asset in their holdings, valued at approximately $13,134,000 at the end of the most recent quarter.

Investor Activity

Other significant investors have also been adjusting their positions in Adobe recently. For instance, Nordea Investment Management AB raised its stake by 2.0% in the fourth quarter, now holding 1,712,616 shares worth $765,094,000 following an additional purchase of 33,414 shares. The Public Sector Pension Investment Board increased its holdings in Adobe by 12.2% in the third quarter, owning 19,322 shares worth $10,005,000 after acquiring 2,100 shares more. Additionally, GAMMA Investing LLC and Jacobs Levy Equity Management Inc. made significant boosts to their Adobe stakes, increasing by 28.0% and 201.0% respectively during the third quarter.

Adobe's Market Performance

On Monday, Adobe shares opened at $437.45, with a total market capitalization of $190.42 billion. The company has a price-to-earnings (PE) ratio of 35.28 and a beta of 1.31. Over the past year, Adobe's stock has fluctuated between a low of $403.75 and a high of $638.25. The company's debt-to-equity ratio stands at 0.29, with both its quick ratio and current ratio reported at 1.07. Adobe's recent 50-day and 200-day moving averages are $461.97 and $503.41, respectively.

Financial Results

Adobe Inc. recently announced its quarterly earnings, reporting $4.81 earnings per share (EPS) for the quarter, surpassing the analysts’ estimates of $4.67. The company generated revenue of $5.61 billion against an expectation of $5.54 billion, showcasing an 11.1% year-over-year increase. Analysts predict Adobe will reach an EPS of 16.65 for the current fiscal year.

Analyst Opinions

Several analysts have updated their ratings for Adobe shares. For example, Oppenheimer downgraded their price target from $625.00 to $600.00, maintaining an "outperform" rating. Similarly, Deutsche Bank reiterated a "hold" rating with a new target of $475.00, down from $600.00. In general, there's a split in ratings, with one analyst recommending a sell, ten suggesting hold, sixteen advocating a buy, and two giving a strong buy rating. The consensus rating on Adobe stock remains a "Moderate Buy" with a target price of $573.00 according to data gathered from MarketBeat.

Insider Transactions

In other news, Adobe's Director Amy Banse sold 606 shares on December 6, at an average price of $550.00, totaling approximately $333,300. Following this sale, she retains 32,929 shares valued at around $18,110,950. Conversely, Director David A. Ricks purchased 2,250 shares for about $998,955 on January 28, marking a significant increase in his holdings. In total, company insiders have sold 5,681 shares valued at $2,525,126 over the past ninety days, with insiders owning 0.15% of the company's stock.

Company Overview

Adobe Inc., along with its subsidiaries, is a leading software company that operates globally. The company is divided into three primary segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment provides various products and services that support content creation, publication, and promotion, including the Document Cloud platform which offers cloud-based document services.

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