ATOMVEST Ltd Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• ATOMVEST Ltd reduced its stake in Adobe Inc. by 63.5% in Q1, now holding 10,500 shares, making Adobe its 4th largest position valued at approximately $4.03 million.
• Several institutional investors, including LGT Fund Management and Rathbones Group, have increased their holdings in Adobe, indicating a growing interest in the stock despite fluctuations.
• Adobe's recent earnings report showed an EPS of $5.06, exceeding estimates, and revenue of $5.87 billion, reflecting a yearly growth of 10.6%.

ATOMVEST Ltd lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 63.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,500 shares of the software company's stock after selling 18,300 shares during the quarter. Adobe makes up 8.4% of ATOMVEST Ltd's investment portfolio, making the stock its 4th largest position. ATOMVEST Ltd's holdings in Adobe were worth $4,027,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Garde Capital Inc. purchased a new stake in shares of Adobe in the 1st quarter valued at about $34,000. PFG Advisors raised its holdings in shares of Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after acquiring an additional 855 shares in the last quarter. Krane Funds Advisors LLC raised its holdings in shares of Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after acquiring an additional 730 shares in the last quarter. Burling Wealth Partners LLC purchased a new stake in shares of Adobe in the 4th quarter valued at about $1,173,000. Finally, Financial Counselors Inc. raised its holdings in shares of Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after acquiring an additional 5,298 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.7%

Shares of ADBE stock traded down $2.49 during trading hours on Thursday, reaching $348.58. The company's stock had a trading volume of 3,742,921 shares, compared to its average volume of 3,801,085. The stock has a market capitalization of $147.87 billion, a P/E ratio of 22.30, a P/E/G ratio of 1.60 and a beta of 1.51. Adobe Inc. has a one year low of $330.04 and a one year high of $587.75. The firm's fifty day simple moving average is $374.41 and its 200 day simple moving average is $394.07. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating 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 company 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 posted $4.48 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent analyst reports. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Oppenheimer decreased their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Bank of America raised their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Citigroup decreased their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $467.58.

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.