First Horizon Advisors Inc. Has $18.98 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

First Horizon Advisors Inc. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,673 shares of the software company’s stock after selling 304 shares during the quarter. First Horizon Advisors Inc.’s holdings in Adobe were worth $18,976,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the third quarter worth approximately $26,000. Groupama Asset Managment lifted 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 valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC grew its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe during the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $444.32 on Friday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $193.41 billion, a P/E ratio of 35.83, a PEG ratio of 2.20 and a beta of 1.31. The business’s 50-day moving average price is $440.46 and its two-hundred day moving average price is $494.02.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.52 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent analyst reports. Mizuho dropped their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Bank of America cut their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

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.