Annex Advisory Services LLC Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Annex Advisory Services LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 71.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,777 shares of the software company's stock after selling 4,357 shares during the period. Annex Advisory Services LLC's holdings in Adobe were worth $681,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter valued at $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter valued at $28,000. Summit Securities Group LLC purchased a new position in shares of Adobe during the 4th quarter valued at $31,000. Caitlin John LLC grew its position in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after purchasing an additional 48 shares in the last quarter. Finally, Bernard Wealth Management Corp. purchased a new position in shares of Adobe during the 4th quarter valued at $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company's stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $415.20 on Friday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company's 50-day moving average is $380.73 and its 200 day moving average is $425.81. The stock has a market capitalization of $176.96 billion, a P/E ratio of 33.48, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company earned $4.48 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ADBE shares. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird cut their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. BMO Capital Markets cut their target price on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Finally, Citigroup cut their target price on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.