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

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

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH boosted its holdings in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC purchased a new position in Adobe in the fourth quarter valued at about $28,000. Copia Wealth Management purchased a new position in Adobe in the fourth quarter valued at about $28,000. Summit Securities Group LLC purchased a new position in Adobe in the fourth quarter valued at about $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in Adobe in the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Activity

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research analyst reports. Royal Bank of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Robert W. Baird reduced their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday. DA Davidson reduced their target price on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $494.67.

Adobe Trading Down 5.3%

ADBE traded down $22.00 during midday trading on Friday, hitting $391.68. 10,618,205 shares of the company were exchanged, compared to its average volume of 3,381,385. The firm has a market capitalization of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm's 50 day moving average price is $386.76 and its 200-day moving average price is $421.72. 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 quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business earned $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company 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.