Flossbach Von Storch SE Sells 13,294 Shares of Adobe Inc. (NASDAQ:ADBE)

Flossbach Von Storch SE trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,842 shares of the software company's stock after selling 13,294 shares during the quarter. Flossbach Von Storch SE's holdings in Adobe were worth $22,184,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Geode Capital Management LLC lifted its position in Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the period. Bank of New York Mellon Corp lifted its position in Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after purchasing an additional 821,293 shares during the period. Norges Bank bought a new position in Adobe in the fourth quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the period. Finally, Northern Trust Corp lifted its position in Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the period. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on ADBE. UBS Group increased their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Citigroup dropped their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Evercore ISI reiterated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, DA Davidson reiterated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. 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 given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $480.08.

Adobe Trading Down 2.2%

ADBE stock traded down $8.08 during midday trading on Friday, reaching $363.35. The stock had a trading volume of 3,545,215 shares, compared to its average volume of 3,460,173. The business has a fifty day simple moving average of $396.03 and a two-hundred day simple moving average of $405.54. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market cap 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 Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 earnings per share. As a group, 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.