Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bogart Wealth LLC

Bogart Wealth LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 87.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,698 shares of the software company's stock after selling 12,283 shares during the quarter. Bogart Wealth LLC's holdings in Adobe were worth $651,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Siemens Fonds Invest GmbH grew its holdings 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 buying an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe in the first quarter valued at about $26,000. SWAN Capital LLC acquired a new position in Adobe in the fourth quarter valued at about $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth about $28,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Adobe during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Down 0.7%

Adobe stock traded down $2.41 during mid-day trading on Wednesday, hitting $361.77. The company had a trading volume of 3,590,702 shares, compared to its average volume of 3,468,788. 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 stock has a market cap of $153.46 billion, a price-to-earnings ratio of 23.15, a PEG ratio of 1.73 and a beta of 1.51. The business has a fifty day moving average of $394.90 and a 200 day moving average of $404.10. 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 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 business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.48 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Oppenheimer reduced their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. 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 note on Wednesday, July 2nd. Citigroup cut their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Finally, Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Two equities 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.com, the company currently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.