Burney Co. Sells 1,681 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Burney Co. reduced its holdings in Adobe Inc. by 49%, now owning 1,751 shares valued at $672,000.
• Several hedge funds adjusted their positions in Adobe, including Siemens Fonds Invest GmbH, which increased its holdings by 252.9%.
• Adobe reported earnings of $5.06 per share, exceeding analysts' expectations, with a year-over-year revenue growth of 10.6%.

Burney Co. cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 49.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,751 shares of the software company's stock after selling 1,681 shares during the period. Burney Co.'s holdings in Adobe were worth $672,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in Adobe by 43.1% during the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 43,965 shares of the software company's stock valued at $16,862,000 after purchasing an additional 13,252 shares in the last quarter. Wakefield Asset Management LLLP acquired a new position in Adobe in the 1st quarter worth $396,000. City National Bank of Florida MSD grew its position in Adobe by 13.2% in the first quarter. City National Bank of Florida MSD now owns 1,289 shares of the software company's stock valued at $494,000 after purchasing an additional 150 shares in the last quarter. Advisors Preferred LLC bought a new stake in shares of Adobe during the 1st quarter worth approximately $1,686,000. Finally, Madison Asset Management LLC grew its position in shares of Adobe by 44.2% in the 1st quarter. Madison Asset Management LLC now owns 59,142 shares of the software company's stock valued at $22,683,000 after acquiring an additional 18,140 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADBE. Oppenheimer dropped their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Evercore ISI restated an "outperform" rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Finally, Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Trading Down 0.2%

ADBE traded down $0.73 on Monday, hitting $370.01. 1,677,266 shares of the company were exchanged, compared to its average volume of 3,756,688. The stock has a market capitalization of $156.96 billion, a PE ratio of 23.69, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 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. The firm has a fifty day simple moving average of $391.01 and a two-hundred day simple moving average of $400.57.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 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 analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

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.