Fidelis Capital Partners LLC Sells 806 Shares of Adobe Inc. (NASDAQ:ADBE)

Fidelis Capital Partners LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,219 shares of the software company's stock after selling 806 shares during the period. Fidelis Capital Partners LLC's holdings in Adobe were worth $1,551,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Garde Capital Inc. purchased a new stake in shares of Adobe during the 1st quarter valued at $34,000. Krane Funds Advisors LLC increased its position in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after purchasing an additional 730 shares during the last quarter. Burling Wealth Partners LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $1,173,000. Financial Counselors Inc. increased its position in shares of Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after purchasing an additional 5,298 shares during the last quarter. Finally, Summit Trail Advisors LLC increased its position in shares of Adobe by 36.2% during the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock valued at $3,728,000 after purchasing an additional 2,583 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Jefferies Financial Group decreased their target price on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a report on Wednesday, July 2nd. Finally, Oppenheimer decreased their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Price Performance

NASDAQ ADBE traded down $8.08 during trading hours on Friday, hitting $363.35. The company had a trading volume of 3,545,215 shares, compared to its average volume of 3,460,173. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a 50 day simple moving average of $396.03 and a 200 day simple moving average of $405.54. 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 market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.72 and a beta of 1.51.

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