Commonwealth Equity Services LLC Sells 6,645 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Commonwealth Equity Services LLC reduced its holdings in Adobe Inc. by 3.8%, selling 6,645 shares and maintaining 168,211 shares worth approximately $64.5 million.
• Several hedge funds significantly increased their stakes in Adobe, with GAMMA Investing LLC boosting its position by an astounding 46,806.6%, now owning nearly 3 million shares valued at over $1.1 billion.
• Adobe reported earnings of $5.06 EPS for its latest quarter, exceeding analysts' estimates, and achieved a revenue of $5.87 billion, marking a 10.6% year-over-year growth.

Commonwealth Equity Services LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 168,211 shares of the software company's stock after selling 6,645 shares during the period. Commonwealth Equity Services LLC's holdings in Adobe were worth $64,514,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ADBE. Argent Trust Co raised its stake in Adobe by 1.4% during the first quarter. Argent Trust Co now owns 15,276 shares of the software company's stock worth $5,859,000 after acquiring an additional 205 shares in the last quarter. Blue Sky Capital Consultants Group Inc. boosted its position in shares of Adobe by 5.6% in the first quarter. Blue Sky Capital Consultants Group Inc. now owns 3,845 shares of the software company's stock valued at $1,475,000 after acquiring an additional 205 shares during the period. Cheviot Value Management LLC bought a new stake in Adobe in the 1st quarter worth approximately $138,000. Cedar Wealth Management LLC raised its position in Adobe by 120.9% during the 1st quarter. Cedar Wealth Management LLC now owns 1,575 shares of the software company's stock valued at $604,000 after purchasing an additional 862 shares during the last quarter. Finally, Liberty Wealth Management LLC raised its holdings in Adobe by 28,143.1% in the first quarter. Liberty Wealth Management LLC now owns 400,770 shares of the software company's stock worth $141,000 after purchasing an additional 399,351 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.3%

ADBE stock traded up $0.99 during trading on Tuesday, reaching $339.84. The company had a trading volume of 1,045,580 shares, compared to its average volume of 3,773,168. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a market cap of $144.16 billion, a P/E ratio of 21.69, a PEG ratio of 1.65 and a beta of 1.51. The business has a 50 day moving average of $384.34 and a 200 day moving average of $398.11. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

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

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Oppenheimer lowered their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. UBS Group raised their price objective on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Finally, JMP Securities reiterated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and an average target price 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.