Adobe Inc. (NASDAQ:ADBE) Shares Sold by KBC Group NV

KBC Group NV cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 246,115 shares of the software company's stock after selling 63,084 shares during the quarter. KBC Group NV owned about 0.06% of Adobe worth $94,393,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC raised its position in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG increased its stake in shares of Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after acquiring an additional 756 shares during the period. GHE LLC raised its holdings in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after purchasing an additional 670 shares in the last quarter. Linscomb Wealth Inc. raised its holdings in Adobe by 11.1% during the fourth quarter. Linscomb Wealth Inc. now owns 5,327 shares of the software company's stock worth $2,369,000 after purchasing an additional 532 shares in the last quarter. Finally, SVB Wealth LLC acquired a new stake in Adobe in the fourth quarter valued at about $8,033,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Evercore ISI reaffirmed an "outperform" rating and set a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, UBS Group upped their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $496.75.

Adobe Price Performance

NASDAQ:ADBE traded up $1.05 during trading hours on Monday, reaching $386.88. 4,643,408 shares of the company traded hands, compared to its average volume of 3,404,329. 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 firm's 50-day moving average is $393.23 and its 200-day moving average is $410.24. The stock has a market cap of $164.11 billion, a P/E ratio of 24.75, a P/E/G ratio of 1.83 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the company earned $4.48 earnings per share. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research 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.