Axxcess Wealth Management LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Axxcess Wealth Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 22.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,759 shares of the software company's stock after selling 1,089 shares during the quarter. Axxcess Wealth Management LLC's holdings in Adobe were worth $1,442,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Siemens Fonds Invest GmbH raised its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe during the 1st quarter worth approximately $26,000. SWAN Capital LLC acquired a new position in Adobe during the 4th quarter worth approximately $28,000. Copia Wealth Management acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $28,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $31,000. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on ADBE shares. Jefferies Financial Group cut their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Citigroup decreased their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Oppenheimer reduced their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Performance

NASDAQ:ADBE traded up $3.64 during trading on Monday, reaching $366.99. The company's stock had a trading volume of 2,895,747 shares, compared to its average volume of 3,457,916. The firm has a market cap of $155.68 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. 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 firm has a 50 day moving average of $396.03 and a 200-day moving average of $405.23. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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

About Adobe

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.