Adobe Inc. (NASDAQ:ADBE) Shares Sold by Keybank National Association OH

Keybank National Association OH decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,540 shares of the software company's stock after selling 6,053 shares during the quarter. Keybank National Association OH's holdings in Adobe were worth $14,398,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADBE. Brighton Jones LLC boosted its holdings 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 purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares in the last quarter. GHE LLC raised its position in shares of Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after purchasing an additional 670 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Adobe by 1.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 33,372 shares of the software company's stock valued at $14,840,000 after buying an additional 608 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Adobe by 12.4% during the fourth quarter. Victory Capital Management Inc. now owns 522,917 shares of the software company's stock worth $232,531,000 after buying an additional 57,634 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. Piper Sandler reduced their price objective 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. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research note on Wednesday. Mizuho reduced their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Morgan Stanley lowered their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Evercore ISI restated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Stock Performance

ADBE traded up $1.09 during trading hours on Friday, hitting $379.56. The company's stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. The company has a 50-day simple moving average of $396.09 and a 200 day simple moving average of $408.27. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $161.01 billion, a PE ratio of 24.28, a PEG ratio of 1.80 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.48 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS 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.