Ithaka Group LLC Sells 27,851 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Ithaka Group LLC significantly reduced its holdings in Adobe Inc., decreasing by 96.5% after selling 27,851 shares, resulting in a total of 1,005 shares owned, valued at $385,000.
• Several institutional investors increased their stakes in Adobe, with Bank of New York Mellon Corp and GAMMA Investing LLC reporting substantial increases in shares owned.
• Adobe's recent quarterly earnings surpassed expectations, with earnings per share of $5.06 and revenue of $5.87 billion, indicating a year-over-year revenue growth of 10.6%.

Ithaka Group LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 96.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,005 shares of the software company's stock after selling 27,851 shares during the period. Ithaka Group LLC's holdings in Adobe were worth $385,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Adobe during the 1st quarter valued at about $26,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Adobe during the 1st quarter valued at about $30,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup lowered 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. Stifel Nicolaus decreased their target price on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. DA Davidson reissued a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Price Performance

Shares of ADBE stock traded up $6.88 during trading hours on Wednesday, hitting $345.62. The company had a trading volume of 3,344,565 shares, compared to its average volume of 3,439,687. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market capitalization of $146.61 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 1.61 and a beta of 1.51. The firm's fifty day moving average is $382.86 and its 200 day moving average is $397.69. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

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, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $4.48 EPS. On average, sell-side analysts predict 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.