Adobe Inc. (NASDAQ:ADBE) Shares Sold by Assetmark Inc.

Key Points

• Assetmark Inc. reduced its stake in Adobe Inc. by 15.4% in Q1, now holding 28,588 shares worth approximately $10.96 million.
• Institutional investors currently own 81.79% of Adobe's stock, demonstrating strong institutional interest in the company.
• Recent analyst ratings show a mix of opinions, with Adobe's consensus rating as a "Moderate Buy" and a price target averaging $473.88.

Assetmark Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 15.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,588 shares of the software company's stock after selling 5,199 shares during the period. Assetmark Inc.'s holdings in Adobe were worth $10,964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Siemens Fonds Invest GmbH raised its holdings in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe during the first quarter valued at about $26,000. SWAN Capital LLC bought a new stake in Adobe during the fourth quarter valued at about $28,000. Copia Wealth Management bought a new stake in Adobe during the fourth quarter valued at about $28,000. Finally, Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter valued at about $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ADBE shares. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and reduced their target price for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Citigroup reduced their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Oppenheimer reduced their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Price Performance

Shares of ADBE traded down $1.27 during mid-day trading on Monday, hitting $369.47. 2,982,954 shares of the company were exchanged, compared to its average volume of 3,766,551. 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 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a 50 day moving average of $391.01 and a 200-day moving average of $400.57. The stock has a market cap of $156.73 billion, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.48 EPS. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.