TD Private Client Wealth LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

TD Private Client Wealth LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,114 shares of the software company's stock after selling 1,032 shares during the quarter. TD Private Client Wealth LLC's holdings in Adobe were worth $811,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Oppenheimer cut their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Price Performance

Shares of Adobe stock traded down $6.61 during trading on Friday, hitting $364.82. 1,605,396 shares of the stock traded hands, compared to its average volume of 3,446,155. 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 stock has a market cap of $154.76 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 1.77 and a beta of 1.51. The firm's fifty day moving average is $396.38 and its 200-day moving average is $406.42. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm 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%. The company's revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.