Adobe Inc. (NASDAQ:ADBE) Shares Sold by TD Private Client Wealth LLC

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

Several other institutional investors and hedge funds have also made changes to their positions in the company. Sepio Capital LP lifted its holdings in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after buying an additional 22 shares during the period. Cadence Bank lifted its holdings in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC lifted its holdings in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC lifted its holdings in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares during the period. Finally, Orin Green Financial LLC lifted its holdings in Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after buying an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $373.38 on Thursday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm has a market capitalization of $158.39 billion, a price-to-earnings ratio of 23.89, a PEG ratio of 1.81 and a beta of 1.51. The business has a 50-day simple moving average of $396.44 and a 200 day simple moving average of $406.94. 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 quarterly earnings data 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 firm 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 company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.48 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on ADBE shares. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a report on Wednesday, July 2nd. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Mizuho lowered their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, Citigroup lowered their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

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.

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