Adobe Inc. (NASDAQ:ADBE) Shares Sold by Conquis Financial LLC

Key Points

• Conquis Financial LLC reduced its position in Adobe by 16.4%, selling 908 shares to hold a total of 4,634 shares, representing approximately 1.8% of its portfolio.
• Adobe's stock has received an average rating of "Moderate Buy" and a target price of $473.88, with recent analyst upgrades reflecting optimism for growth.
• In its latest earnings report, Adobe beat consensus estimates with an EPS of $5.06 and revenue of $5.87 billion, indicating a year-over-year increase of 10.6% in revenue.

Conquis Financial LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,634 shares of the software company's stock after selling 908 shares during the quarter. Adobe makes up about 1.8% of Conquis Financial LLC's portfolio, making the stock its 9th biggest holding. Conquis Financial LLC's holdings in Adobe were worth $1,777,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its position in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after buying an additional 756 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its position in Adobe by 56.7% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,245 shares of the software company's stock valued at $1,443,000 after buying an additional 1,174 shares during the last quarter. FIL Ltd lifted its position in Adobe by 130.9% in the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after buying an additional 730,520 shares during the last quarter. Finally, Abacus FCF Advisors LLC lifted its position in Adobe by 46.3% in the fourth quarter. Abacus FCF Advisors LLC now owns 19,212 shares of the software company's stock valued at $8,543,000 after buying an additional 6,076 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Citigroup cut their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Evercore ISI reiterated an "outperform" rating and set a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Finally, Mizuho cut their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Price Performance

Adobe stock traded down $7.35 during midday trading on Thursday, reaching $338.27. The company's stock had a trading volume of 4,658,591 shares, compared to its average volume of 3,370,717. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week 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's 50 day simple moving average is $380.02 and its 200 day simple moving average is $396.70. The firm has a market capitalization of $143.49 billion, a PE ratio of 21.64, a P/E/G ratio of 1.64 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the company earned $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.