Allworth Financial LP trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 33.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,494 shares of the software company's stock after selling 4,695 shares during the quarter. Allworth Financial LP's holdings in Adobe were worth $3,426,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the company. Garde Capital Inc. acquired a new position in Adobe during the first quarter worth $34,000. Krane Funds Advisors LLC raised its stake in Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares in the last quarter. Burling Wealth Partners LLC acquired a new position in Adobe during the fourth quarter worth $1,173,000. Financial Counselors Inc. raised its stake in Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after acquiring an additional 5,298 shares in the last quarter. Finally, Summit Trail Advisors LLC raised its stake in Adobe by 36.2% during the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after acquiring an additional 2,583 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Adobe Trading Down 2.2%
NASDAQ:ADBE opened at $363.35 on Friday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The business's 50-day moving average price is $396.03 and its two-hundred day moving average price is $405.83. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.76 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the firm posted $4.48 earnings per share. The company's quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.
Analyst Ratings Changes
ADBE has been the subject of several recent analyst reports. Mizuho dropped their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Bank of America increased their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, Rothschild & Co Redburn cut 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.
Check Out Our Latest Stock Analysis on Adobe
About Adobe
(
Free Report)
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.
Further Reading
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