Sitrin Capital Management LLC Has $306,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Sitrin Capital Management LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 92.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 797 shares of the software company's stock after selling 9,800 shares during the quarter. Sitrin Capital Management LLC's holdings in Adobe were worth $306,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the business. Onyx Bridge Wealth Group LLC boosted its position in Adobe by 119.2% in the first quarter. Onyx Bridge Wealth Group LLC now owns 1,153 shares of the software company's stock valued at $442,000 after buying an additional 627 shares in the last quarter. Goelzer Investment Management Inc. lifted its position in shares of Adobe by 1.4% during the first quarter. Goelzer Investment Management Inc. now owns 15,247 shares of the software company's stock worth $5,848,000 after purchasing an additional 209 shares in the last quarter. Checchi Capital Advisers LLC lifted its position in shares of Adobe by 2.1% during the first quarter. Checchi Capital Advisers LLC now owns 3,798 shares of the software company's stock worth $1,457,000 after purchasing an additional 77 shares in the last quarter. North Capital Inc. acquired a new position in Adobe during the 1st quarter worth $75,000. Finally, D.A. Davidson & CO. lifted its holdings in Adobe by 14.8% during the 1st quarter. D.A. Davidson & CO. now owns 56,435 shares of the software company's stock worth $21,645,000 after buying an additional 7,283 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, BMO Capital Markets restated an "outperform" rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe has an average rating of "Moderate Buy" and an average target price of $480.08.

Adobe Trading Up 0.3%

Adobe stock traded up $1.09 during mid-day trading on Friday, hitting $379.56. 2,863,680 shares of the company's stock were exchanged, compared to its average volume of 3,432,840. The firm has a market capitalization of $161.01 billion, a P/E 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. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company's 50 day simple moving average is $396.09 and its 200-day simple moving average is $408.04.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion for 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%. Adobe's revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share 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.