Bulltick Wealth Management LLC Sells 3,650 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Bulltick Wealth Management LLC has reduced its stake in Adobe Inc. by 19.1%, now holding a position valued at approximately $5.94 million.
• Adobe's stock has received attention from multiple analysts, with UBS raising its price target from $380 to $430 while the average rating remains a "Moderate Buy."
• As of now, institutional investors and hedge funds own 81.79% of Adobe's stock, indicating strong institutional confidence in the company.

Bulltick Wealth Management LLC cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,494 shares of the software company's stock after selling 3,650 shares during the quarter. Adobe accounts for approximately 1.6% of Bulltick Wealth Management LLC's holdings, making the stock its 18th largest position. Bulltick Wealth Management LLC's holdings in Adobe were worth $5,942,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in shares of Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares during the last quarter. Sagespring Wealth Partners LLC bought a new position in shares of Adobe during the 4th quarter valued at about $1,328,000. Advisors Capital Management LLC boosted its holdings in shares of Adobe by 2.0% during the 4th quarter. Advisors Capital Management LLC now owns 36,256 shares of the software company's stock valued at $16,122,000 after purchasing an additional 723 shares during the last quarter. Finally, Savvy Advisors Inc. lifted its holdings in shares of Adobe by 2.9% in the 4th quarter. Savvy Advisors Inc. now owns 1,466 shares of the software company's stock valued at $652,000 after acquiring an additional 42 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADBE. Robert W. Baird raised their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Citigroup lowered their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. BMO Capital Markets reissued an "outperform" rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average price target of $467.58.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $12.64 during trading on Wednesday, reaching $351.07. The company had a trading volume of 4,371,225 shares, compared to its average volume of 3,525,012. The firm's fifty day moving average is $374.41 and its 200 day moving average is $394.07. The firm has a market capitalization of $148.92 billion, a PE ratio of 22.46, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The business 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 firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.48 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.