Adobe Inc. (NASDAQ:ADBE) Shares Sold by Condor Capital Management

Key Points

• Condor Capital Management has reduced its stake in Adobe Inc. by 54.2%, now holding 3,042 shares valued at approximately $1.17 million.
• Multiple research analysts have recently issued ratings for Adobe, with targets ranging from $475 to $500, reflecting confidence in the company's potential for growth.
• Adobe's most recent earnings report showed an EPS of $5.06, surpassing estimates and indicating a revenue increase of 10.6% year-over-year.

Condor Capital Management decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 54.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,042 shares of the software company's stock after selling 3,607 shares during the period. Condor Capital Management's holdings in Adobe were worth $1,167,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Cadence Bank raised its holdings in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC grew its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC grew 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 grew its position in 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 buying an additional 23 shares in the last quarter. Finally, Diligent Investors LLC lifted its stake in Adobe by 1.2% during the fourth quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock worth $961,000 after purchasing an additional 26 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADBE shares. DA Davidson restated a "buy" rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Bank of America boosted their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Finally, Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Trading Up 0.8%

Adobe stock opened at $341.05 on Friday. The firm has a 50-day moving average of $378.55 and a 200-day moving average of $396.05. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $144.67 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.60 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the business posted $4.48 EPS. Adobe's revenue was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.

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