Cary Street Partners Financial LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Cary Street Partners Financial LLC has reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 4.4%, now holding 47,245 shares worth approximately $18.12 million.
• Analysts have mixed ratings on Adobe, with two sell ratings, eight hold ratings, sixteen buy ratings, and an overall average price target of $473.88.
• Adobe reported a quarterly EPS of $5.06, exceeding expectations and showing a 10.6% increase in revenue year-over-year.

Cary Street Partners Financial LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,245 shares of the software company's stock after selling 2,197 shares during the period. Cary Street Partners Financial LLC's holdings in Adobe were worth $18,120,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Middleton & Co. Inc. MA boosted its position in shares of Adobe by 0.7% during the first quarter. Middleton & Co. Inc. MA now owns 22,572 shares of the software company's stock valued at $8,657,000 after buying an additional 146 shares during the last quarter. Sfmg LLC lifted its holdings in Adobe by 22.5% during the first quarter. Sfmg LLC now owns 13,778 shares of the software company's stock worth $5,284,000 after acquiring an additional 2,528 shares during the period. Strategic Investment Solutions Inc. IL lifted its holdings in Adobe by 77.3% during the first quarter. Strategic Investment Solutions Inc. IL now owns 273 shares of the software company's stock worth $105,000 after acquiring an additional 119 shares during the period. Weitz Investment Management Inc. lifted its holdings in Adobe by 106.3% during the first quarter. Weitz Investment Management Inc. now owns 82,500 shares of the software company's stock worth $31,641,000 after acquiring an additional 42,500 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in Adobe by 19.4% during the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 2,336 shares of the software company's stock worth $896,000 after acquiring an additional 379 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $338.85 on Tuesday. 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 Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $143.74 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 1.65 and a beta of 1.51. The business's fifty day moving average is $384.34 and its 200 day moving average is $398.11.

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 (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the company posted $4.48 EPS. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and dropped their price target for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.

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