Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lessened by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. reduced its stake in Adobe Inc. by 16.8%, now owning 54,125 shares valued at approximately $20.76 million.
• Several institutional investors have increased their holdings in Adobe, resulting in 81.79% of the company's stock now owned by such entities.
• Adobe's latest earnings report showed an EPS of $5.06, exceeding estimates and reflecting a 10.6% year-over-year revenue growth.

Pacer Advisors Inc. decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 54,125 shares of the software company's stock after selling 10,945 shares during the period. Pacer Advisors Inc.'s holdings in Adobe were worth $20,759,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Copia Wealth Management purchased a new position in Adobe during the fourth quarter worth approximately $28,000. SWAN Capital LLC purchased a new position in Adobe during the fourth quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe during the first quarter worth approximately $26,000. Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in Adobe during the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Down 0.3%

ADBE stock traded down $1.19 during mid-day trading on Monday, hitting $369.55. 1,874,305 shares of the company were exchanged, compared to its average volume of 3,758,056. The company has a market capitalization of $156.76 billion, a PE ratio of 23.63, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a fifty day simple moving average of $391.01 and a 200 day simple moving average of $400.57.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $4.48 EPS. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price objective for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, Bank of America increased their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

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.