Banco Santander S.A. Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Banco Santander S.A. has reduced its stake in Adobe Inc. by 28.9%, holding 70,371 shares valued at approximately $26.99 million after selling 28,633 shares in the first quarter.
• Adobe reported earnings of $5.06 EPS for the last quarter, surpassing analysts' expectations of $4.97, with a revenue increase of 10.6% year-over-year.
• Wall Street analysts have mixed views on Adobe, with target price adjustments ranging from $450.00 to $475.00, indicating a general consensus rating of "Moderate Buy."

Banco Santander S.A. decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 70,371 shares of the software company's stock after selling 28,633 shares during the quarter. Banco Santander S.A.'s holdings in Adobe were worth $26,989,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ADBE. Garde Capital Inc. acquired a new stake in Adobe during the first quarter worth $34,000. PFG Advisors increased its stake in Adobe by 20.8% during the first quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after acquiring an additional 855 shares during the last quarter. Krane Funds Advisors LLC increased 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 during the last quarter. Burling Wealth Partners LLC acquired a new stake in Adobe during the fourth quarter worth $1,173,000. Finally, Financial Counselors Inc. increased 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 during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Down 2.8%

Shares of NASDAQ ADBE opened at $347.80 on Friday. The company has a market capitalization of $147.54 billion, a price-to-earnings ratio of 22.25, a price-to-earnings-growth ratio of 1.70 and a beta of 1.52. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50-day moving average of $385.72 and a two-hundred day moving average of $399.07. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping 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 return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADBE. Citigroup cut their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Morgan Stanley cut their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Bank of America raised their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Finally, Stifel Nicolaus dropped their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

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.

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