Clal Insurance Enterprises Holdings Ltd Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Clal Insurance Enterprises Holdings Ltd drastically reduced its holdings in Adobe Inc. by 99.9%, now holding only 76 shares after selling 146,860 shares in the first quarter.
• Multiple institutional investors have adjusted their positions in Adobe, with 81.79% of the stock owned by such investors as of the latest reports.
• Adobe's recent earnings report showed a 10.6% increase in revenue year-over-year, with earnings per share at $5.06, exceeding analyst expectations.

Clal Insurance Enterprises Holdings Ltd trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 99.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76 shares of the software company's stock after selling 146,860 shares during the quarter. Clal Insurance Enterprises Holdings Ltd's holdings in Adobe were worth $29,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. bought a new position in shares of Adobe during the 1st quarter valued at $34,000. PFG Advisors lifted its holdings in shares of Adobe by 20.8% during the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after buying an additional 855 shares during the period. Krane Funds Advisors LLC lifted its holdings in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after buying an additional 730 shares during the period. Burling Wealth Partners LLC bought a new position in Adobe in the 4th quarter worth $1,173,000. Finally, Financial Counselors Inc. raised its holdings in Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after purchasing an additional 5,298 shares during the period. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ADBE shares. Bank of America raised their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a report on Wednesday, July 2nd. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Trading Down 2.2%

ADBE opened at $333.65 on Tuesday. The firm has a market cap of $141.53 billion, a P/E ratio of 21.35, a P/E/G ratio of 1.62 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 current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average of $377.15 and a 200 day moving average of $394.76.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate 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 business posted $4.48 earnings per share. As a group, research analysts forecast 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.

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.