Blair William & Co. IL cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 603,925 shares of the software company's stock after selling 17,379 shares during the period. Blair William & Co. IL owned approximately 0.14% of Adobe worth $231,623,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Bank of New York Mellon Corp raised its holdings in shares of Adobe by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after purchasing an additional 821,293 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after acquiring an additional 600,146 shares during the period. Northern Trust Corp raised its holdings in Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the period. Edgewood Management LLC raised its holdings in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after acquiring an additional 696,172 shares during the period. Finally, Deutsche Bank AG raised its holdings in Adobe by 4.0% in the 4th quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock valued at $1,555,031,000 after acquiring an additional 133,556 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Stock Down 2.6%
ADBE traded down $8.95 during midday trading on Monday, hitting $338.85. The company had a trading volume of 6,439,554 shares, compared to its average volume of 3,284,436. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. 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 company has a market capitalization of $143.74 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 1.65 and a beta of 1.51. The stock's 50 day moving average price is $385.72 and its 200 day moving average price is $398.74.
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, beating the consensus estimate of $4.97 by $0.09. The firm 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%. The business's revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.48 earnings per share. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on ADBE. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their target price for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research report on Wednesday, July 2nd. Mizuho decreased their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Piper Sandler decreased their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Evercore ISI reiterated an "outperform" rating and set a $475.00 price target on shares of Adobe in a research report 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.
View Our Latest Research Report on Adobe
Adobe Profile
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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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