Choreo LLC Has $4.82 Million Position in Adobe Inc. (NASDAQ:ADBE)

Choreo LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,562 shares of the software company's stock after selling 4,639 shares during the period. Choreo LLC's holdings in Adobe were worth $4,818,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Garde Capital Inc. purchased a new stake in Adobe in the 1st quarter worth approximately $34,000. PFG Advisors grew its stake in Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after acquiring an additional 855 shares during the period. Krane Funds Advisors LLC grew its stake in Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares during the period. Burling Wealth Partners LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $1,173,000. Finally, Financial Counselors Inc. grew its stake in shares of Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after buying an additional 5,298 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of Adobe stock traded down $0.63 during mid-day trading on Friday, reaching $371.06. 1,227,931 shares of the stock were exchanged, compared to its average volume of 3,765,902. The company has a market cap of $157.40 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a 50-day simple moving average of $391.94 and a 200 day simple moving average of $401.19. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $4.48 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Wall Street Zen downgraded shares of Adobe from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Robert W. Baird boosted their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, Piper Sandler lowered their price objective 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. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $473.88.

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.