New Age Alpha Advisors LLC Sells 1,332 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• New Age Alpha Advisors LLC significantly reduced its stake in Adobe Inc. by 51.1% during the first quarter, now holding 1,273 shares valued at $488,000.
• Adobe reported $5.06 earnings per share for its latest quarter, outperforming predictions and reflecting a 10.6% increase in revenue year-over-year, totaling $5.87 billion.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Adobe, with an average target price of $473.88, although there are varying recommendations ranging from strong sell to strong buy.

New Age Alpha Advisors LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 51.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,273 shares of the software company's stock after selling 1,332 shares during the quarter. New Age Alpha Advisors LLC's holdings in Adobe were worth $488,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ADBE. Middleton & Co. Inc. MA grew its holdings in Adobe by 0.7% during the 1st quarter. Middleton & Co. Inc. MA now owns 22,572 shares of the software company's stock worth $8,657,000 after acquiring an additional 146 shares during the last quarter. Sfmg LLC increased its position in Adobe by 22.5% in the 1st quarter. Sfmg LLC now owns 13,778 shares of the software company's stock valued at $5,284,000 after acquiring an additional 2,528 shares during the period. Strategic Investment Solutions Inc. IL increased its position in Adobe by 77.3% in the 1st quarter. Strategic Investment Solutions Inc. IL now owns 273 shares of the software company's stock valued at $105,000 after acquiring an additional 119 shares during the period. Weitz Investment Management Inc. increased its position in Adobe by 106.3% in the 1st quarter. Weitz Investment Management Inc. now owns 82,500 shares of the software company's stock valued at $31,641,000 after acquiring an additional 42,500 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Adobe by 19.4% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 2,336 shares of the software company's stock valued at $896,000 after acquiring an additional 379 shares during the period. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.8%

NASDAQ ADBE traded up $2.78 during mid-day trading on Friday, hitting $341.05. The company's stock had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. The company's 50 day simple moving average is $378.55 and its 200 day simple moving average is $395.76. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. 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 $144.67 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 1.62 and a beta of 1.51.

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 the consensus estimate 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 analysts' expectations of $5.80 billion. During the same period last year, the business earned $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on ADBE. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. DA Davidson restated a "buy" rating and issued a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Finally, Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.