Adobe Inc. $ADBE Stake Lowered by Integrated Wealth Concepts LLC

Key Points

• Integrated Wealth Concepts LLC reduced its stake in Adobe Inc. by 5.5%, now holding 12,522 shares valued at approximately $4.8 million.
• Institutional investors collectively own 81.79% of Adobe’s stock, with several firms including Goldman Sachs and Amundi significantly increasing their holdings in the first quarter.
• Adobe reported a quarterly earnings per share (EPS) of $5.06, exceeding estimates and signaling a 10.6% increase in revenue compared to the previous year.

Integrated Wealth Concepts LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,522 shares of the software company's stock after selling 722 shares during the period. Integrated Wealth Concepts LLC's holdings in Adobe were worth $4,803,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. RB Capital Management LLC increased its position in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares in the last quarter. Orin Green Financial LLC boosted its holdings in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the last quarter. Second Line Capital LLC boosted its holdings in shares of Adobe by 3.5% during the fourth quarter. Second Line Capital LLC now owns 768 shares of the software company's stock worth $342,000 after purchasing an additional 26 shares during the last quarter. Vista Investment Management boosted its holdings in shares of Adobe by 3.1% during the fourth quarter. Vista Investment Management now owns 875 shares of the software company's stock worth $389,000 after purchasing an additional 26 shares during the last quarter. Finally, GS Investments Inc. boosted its holdings in shares of Adobe by 0.3% during the first quarter. GS Investments Inc. now owns 7,563 shares of the software company's stock worth $2,901,000 after purchasing an additional 26 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Down 0.3%

Shares of NASDAQ ADBE traded down $1.04 during midday trading on Friday, reaching $349.51. 10,074,537 shares of the company's stock were exchanged, compared to its average volume of 3,855,823. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $557.90. The stock has a market capitalization of $148.26 billion, a PE ratio of 22.37, a price-to-earnings-growth ratio of 1.66 and a beta of 1.48. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The business's fifty day moving average price is $357.92 and its two-hundred day moving average price is $380.45.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%.The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the company earned $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. BMO Capital Markets decreased their price objective on Adobe from $450.00 to $405.00 and set an "outperform" rating on the stock in a report on Friday. Oppenheimer decreased their price objective on Adobe from $500.00 to $460.00 and set an "outperform" rating on the stock in a report on Tuesday. Stifel Nicolaus decreased their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. DA Davidson restated a "buy" rating and set a $500.00 price objective on shares of Adobe in a report on Friday. Finally, Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $435.63.

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.