Barlow Wealth Partners Inc. Sells 8,174 Shares of Adobe Inc. (NASDAQ:ADBE)

Barlow Wealth Partners Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,846 shares of the software company's stock after selling 8,174 shares during the period. Adobe accounts for 1.6% of Barlow Wealth Partners Inc.'s portfolio, making the stock its 29th biggest position. Barlow Wealth Partners Inc.'s holdings in Adobe were worth $12,446,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Garde Capital Inc. purchased a new position in Adobe during the first quarter valued at $34,000. Arizona State Retirement System increased its holdings in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe in the 4th quarter worth about $1,173,000. Krane Funds Advisors LLC boosted its stake in Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after purchasing an additional 730 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in Adobe by 36.2% in the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after purchasing an additional 2,583 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE traded up $1.09 during trading hours on Thursday, reaching $379.56. 2,863,680 shares of the stock traded hands, compared to its average volume of 3,430,343. The company has a market cap of $161.01 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.79 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company's 50-day moving average price is $395.48 and its two-hundred day moving average price is $409.36. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $5.80 billion. During the same period last year, the firm earned $4.48 earnings per share. The business's quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADBE. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and cut their target price for the company from $420.00 to $280.00 in a research note on Wednesday. Bank of America lifted their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, DA Davidson reaffirmed a "buy" rating and set a $500.00 price target on shares of Adobe in a report on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $480.08.

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.