Alhambra Investment Management LLC Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Alhambra Investment Management LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 37.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,321 shares of the software company's stock after selling 794 shares during the period. Alhambra Investment Management LLC's holdings in Adobe were worth $507,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of ADBE. Sepio Capital LP increased its stake in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the period. Cadence Bank raised its stake in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC raised its position in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after acquiring an additional 22 shares in the last quarter. RB Capital Management LLC boosted its holdings in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC grew its holdings in Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after purchasing an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Performance

NASDAQ ADBE traded up $2.81 during mid-day trading on Thursday, reaching $415.65. 1,565,485 shares of the stock were exchanged, compared to its average volume of 3,401,447. The company has a market capitalization of $177.15 billion, a P/E ratio of 33.52, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business's 50 day moving average is $384.27 and its 200-day moving average is $423.37. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the company posted $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. UBS Group raised their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday. Stifel Nicolaus lowered their price target on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. DA Davidson cut their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Finally, Wells Fargo & Company dropped their target price on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $503.33.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.16% of the stock is owned by company insiders.

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.