LS Investment Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 26.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,700 shares of the software company's stock after selling 615 shares during the period. LS Investment Advisors LLC's holdings in Adobe were worth $652,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in ADBE. HF Advisory Group LLC boosted its holdings in shares of Adobe by 17.2% in the first quarter. HF Advisory Group LLC now owns 3,630 shares of the software company's stock worth $1,392,000 after acquiring an additional 532 shares during the period. Bay Rivers Group lifted its holdings in Adobe by 19.9% during the 1st quarter. Bay Rivers Group now owns 975 shares of the software company's stock worth $374,000 after purchasing an additional 162 shares in the last quarter. Channel Wealth LLC purchased a new stake in Adobe during the 1st quarter worth about $3,775,000. Lifestyle Asset Management Inc. boosted its stake in Adobe by 26.7% in the 1st quarter. Lifestyle Asset Management Inc. now owns 665 shares of the software company's stock worth $255,000 after purchasing an additional 140 shares during the period. Finally, Key Client Fiduciary Advisors LLC grew its holdings in Adobe by 7.2% during the 1st quarter. Key Client Fiduciary Advisors LLC now owns 1,324 shares of the software company's stock valued at $508,000 after buying an additional 89 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on ADBE shares. UBS Group lowered their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Citigroup cut their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a report on Monday, March 10th. Stifel Nicolaus decreased their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Finally, Evercore ISI lowered their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.
View Our Latest Research Report on ADBE
Insiders Place Their Bets
In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company's stock.
Adobe Trading Up 0.3%
Shares of NASDAQ ADBE traded up $1.29 during midday trading on Thursday, reaching $415.20. The company had a trading volume of 2,272,597 shares, compared to its average volume of 3,410,937. The stock has a market cap of $176.96 billion, a PE ratio of 33.48, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm's fifty day moving average price is $380.10 and its 200-day moving average price is $426.39. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the company posted $4.48 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.
Adobe Company Profile
(
Free Report)
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.
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