Adobe Inc. (NASDAQ:ADBE) Shares Sold by C WorldWide Group Holding A S

C WorldWide Group Holding A S reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 642,641 shares of the software company's stock after selling 12,859 shares during the period. Adobe accounts for about 3.1% of C WorldWide Group Holding A S's holdings, making the stock its 15th biggest holding. C WorldWide Group Holding A S owned approximately 0.15% of Adobe worth $246,472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its stake in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe in the first quarter worth approximately $26,000. SWAN Capital LLC purchased a new position in Adobe in the fourth quarter worth approximately $28,000. Copia Wealth Management purchased a new position in Adobe in the fourth quarter worth approximately $28,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 0.6%

NASDAQ ADBE traded down $2.13 during trading hours on Friday, hitting $364.33. 458,000 shares of the company traded hands, compared to its average volume of 3,461,259. The business's 50-day moving average is $394.55 and its 200-day moving average is $403.55. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. 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 stock has a market capitalization of $154.55 billion, a price-to-earnings ratio of 23.31, a P/E/G ratio of 1.72 and a beta of 1.51.

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, 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 analysts' expectations of $5.80 billion. During the same period last year, the firm posted $4.48 EPS. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ADBE shares. DA Davidson restated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research report on Wednesday, July 2nd. Finally, Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $473.88.

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.

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