Stratos Wealth Partners LTD. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 41.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,347 shares of the software company's stock after selling 5,224 shares during the period. Stratos Wealth Partners LTD.'s holdings in Adobe were worth $2,818,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. Norges Bank bought a new stake in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC raised its stake in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after acquiring an additional 952,233 shares during the period. Two Sigma Advisers LP raised its stake in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe in the 4th quarter valued at $365,750,000. Institutional investors own 81.79% of the company's stock.
Adobe Price Performance
Shares of ADBE stock traded down $8.08 on Friday, hitting $363.35. 3,545,215 shares of the company's stock were exchanged, compared to its average volume of 3,454,388. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market cap of $154.13 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The company has a 50 day moving average of $396.38 and a 200 day moving average of $406.42.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the company earned $4.48 EPS. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the company. Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research note on Wednesday, July 2nd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. DA Davidson restated a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Finally, Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $480.08.
Read Our Latest Report on ADBE
About Adobe
(
Free Report)
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.
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