Adobe Inc. (NASDAQ:ADBE) Shares Sold by Burr Financial Services LLC

Burr Financial Services LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 23.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,962 shares of the software company's stock after selling 608 shares during the period. Adobe comprises approximately 0.6% of Burr Financial Services LLC's holdings, making the stock its 18th largest holding. Burr Financial Services LLC's holdings in Adobe were worth $752,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Sepio Capital LP boosted its stake in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank increased its stake in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC grew its holdings in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC grew its stake in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC boosted its holdings in Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after acquiring an additional 23 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Finally, Bank of America dropped their target price on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Up 2.3%

Adobe stock traded up $9.09 during mid-day trading on Tuesday, reaching $412.49. 2,736,539 shares of the company's stock were exchanged, compared to its average volume of 3,422,380. The company has a market cap of $175.80 billion, a P/E ratio of 33.27, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a fifty day moving average of $379.21 and a 200-day moving average of $426.57. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the previous year, the business posted $4.48 EPS. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.