Rossmore Private Capital Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Rossmore Private Capital reduced its stake in Adobe Inc. by 41.4%, selling 2,742 shares and retaining only 3,878 shares worth $1.49 million at the end of the latest quarter.
• Institutional investors and hedge funds currently own 81.79% of Adobe's stock, with several firms increasing their holdings in the first quarter.
• Adobe recently reported earnings of $5.06 EPS, surpassing the consensus estimate of $4.97, along with a revenue of $5.87 billion for the quarter.

Rossmore Private Capital trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 41.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,878 shares of the software company's stock after selling 2,742 shares during the period. Rossmore Private Capital's holdings in Adobe were worth $1,487,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Copia Wealth Management purchased a new stake in Adobe during the 4th quarter worth approximately $28,000. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Adobe in the 1st quarter valued at approximately $26,000. HHM Wealth Advisors LLC bought a new stake in shares of Adobe in the 1st quarter valued at approximately $30,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the 4th quarter valued at approximately $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE stock traded up $12.64 during midday trading on Wednesday, reaching $351.07. 4,371,225 shares of the stock were exchanged, compared to its average volume of 3,525,012. The stock has a market capitalization of $148.92 billion, a PE ratio of 22.46, a P/E/G ratio of 1.60 and a beta of 1.51. Adobe Inc. has a 52 week low of $330.04 and a 52 week high of $587.75. The company has a fifty day moving average price of $374.41 and a 200 day moving average price of $394.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ADBE shares. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a report on Wednesday, July 2nd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Melius Research upgraded Adobe to a "strong sell" rating in a research report on Monday. Robert W. Baird boosted their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Finally, Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and reduced their price target for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned 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 a consensus price target of $467.58.

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.