Compass Wealth Management LLC Sells 1,460 Shares of Adobe Inc. (NASDAQ:ADBE)

Compass Wealth Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,621 shares of the software company's stock after selling 1,460 shares during the period. Compass Wealth Management LLC's holdings in Adobe were worth $2,156,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH grew its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe in the first quarter worth $26,000. SWAN Capital LLC acquired a new position in shares of Adobe during the fourth quarter valued at $28,000. Copia Wealth Management acquired a new position in shares of Adobe during the fourth quarter valued at $28,000. Finally, Summit Securities Group LLC acquired a new position in shares of Adobe during the fourth quarter valued at $31,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE traded up $3.95 during trading on Tuesday, hitting $380.88. 1,992,583 shares of the stock traded hands, compared to its average volume of 3,427,917. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $161.57 billion, a price-to-earnings ratio of 24.37, a PEG ratio of 1.80 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50 day moving average price of $396.25 and a 200 day moving average price of $407.34.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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 company's revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price objective (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

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.