Atria Wealth Solutions Inc. Sells 4,899 Shares of Adobe Inc. (NASDAQ:ADBE)

Atria Wealth Solutions Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 25.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,500 shares of the software company's stock after selling 4,899 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Adobe were worth $5,561,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH grew its stake in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe during the first quarter worth about $26,000. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter worth about $28,000. Copia Wealth Management acquired a new position in shares of Adobe during the 4th quarter worth about $28,000. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Adobe in the 1st quarter valued at about $30,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.8%

Shares of NASDAQ:ADBE traded up $2.78 during midday trading on Friday, reaching $341.05. The company had a trading volume of 3,506,570 shares, compared to its average volume of 3,795,387. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock has a market cap of $144.67 billion, a PE ratio of 21.82, a P/E/G ratio of 1.64 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business's 50 day moving average price is $380.02 and its 200 day moving average price is $396.70.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping 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 previous year, the firm earned $4.48 EPS. The business's quarterly revenue was up 10.6% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. BMO Capital Markets reissued an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Rothschild & Co Redburn cut shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research report on Wednesday, July 2nd. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $473.88.

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.