Capital Planning Advisors LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Capital Planning Advisors LLC reduced its stake in Adobe Inc. by 11.3%, ending with 7,485 shares valued at approximately $2.87 million.
• Institutional investors own 81.79% of Adobe's stock, with notable increases in positions from companies like Goldman Sachs and Bank of New York Mellon.
• Adobe reported a $5.06 EPS for the most recent quarter, surpassing analyst estimates and reflecting a year-over-year revenue growth of 10.6%.

Capital Planning Advisors LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,485 shares of the software company's stock after selling 950 shares during the quarter. Capital Planning Advisors LLC's holdings in Adobe were worth $2,871,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Garde Capital Inc. purchased a new position in shares of Adobe in the 1st quarter valued at about $34,000. PFG Advisors increased its holdings in shares of Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after acquiring an additional 855 shares during the last quarter. Krane Funds Advisors LLC increased its holdings in shares of Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe in the 4th quarter valued at about $1,173,000. Finally, Financial Counselors Inc. boosted its position in shares of Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after purchasing an additional 5,298 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

NASDAQ ADBE traded up $6.68 during mid-day trading on Wednesday, hitting $345.11. The stock had a trading volume of 330,340 shares, compared to its average volume of 3,774,634. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75. The company has a market cap of $146.40 billion, a price-to-earnings ratio of 22.06, a P/E/G ratio of 1.58 and a beta of 1.51. The company has a 50 day simple moving average of $375.67 and a 200 day simple moving average of $394.37. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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 return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Oppenheimer decreased their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Melius Research raised Adobe to a "strong sell" rating in a research report on Monday. Finally, Citigroup decreased their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $467.58.

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.