Applied Finance Capital Management LLC Has $31.36 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Applied Finance Capital Management LLC has reduced its holdings in Adobe Inc. by 32.4%, now owning 81,765 shares worth $31.36 million, which is 2.3% of its portfolio.
• Adobe reported $5.06 earnings per share (EPS) for the quarter, beating estimates and showing a 10.6% revenue growth compared to the previous year, with total quarterly revenue of $5.87 billion.
• Current analyst ratings on Adobe include two sell ratings, eight hold ratings, and sixteen buy ratings, with an average price target of $473.88.

Applied Finance Capital Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 81,765 shares of the software company's stock after selling 39,205 shares during the quarter. Adobe makes up 2.3% of Applied Finance Capital Management LLC's portfolio, making the stock its 10th largest holding. Applied Finance Capital Management LLC's holdings in Adobe were worth $31,359,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Copia Wealth Management bought a new position in Adobe in the fourth quarter worth $28,000. SWAN Capital LLC bought a new position in shares of Adobe during the fourth quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the first quarter valued at $26,000. Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter valued at $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe during the fourth quarter valued at $36,000. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of ADBE opened at $370.74 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a 50 day simple moving average of $391.01 and a 200 day simple moving average of $400.84. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market capitalization of $157.27 billion, a PE ratio of 23.72, a P/E/G ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) 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 business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the firm earned $4.48 EPS. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADBE. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Stifel Nicolaus cut their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. Citigroup cut their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Finally, Jefferies Financial Group cut their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $473.88.

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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