Federated Hermes Inc. Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Federated Hermes Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 276,770 shares of the software company’s stock after selling 14,531 shares during the period. Federated Hermes Inc. owned approximately 0.06% of Adobe worth $123,074,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in Adobe in the fourth quarter worth $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter worth $31,000. Finally, Caitlin John LLC grew its stake in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 5.0 %

Shares of Adobe stock opened at $349.07 on Friday. Adobe Inc. has a fifty-two week low of $348.80 and a fifty-two week high of $587.75. The business’s fifty day moving average is $425.66 and its two-hundred day moving average is $463.60. 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 firm has a market cap of $148.77 billion, a PE ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last released its 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 firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ADBE shares. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Evercore ISI lowered their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

Adobe Company 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.