Dimensional Fund Advisors LP Sells 62,854 Shares of Adobe Inc. $ADBE

Key Points

• Dimensional Fund Advisors LP has reduced its stake in Adobe Inc. by 3.3%, selling 62,854 shares, and now holds approximately 0.43% of the company valued at $707.4 million.
• Recent earnings reports indicate that Adobe exceeded earnings expectations with an EPS of $5.06, and revenue of $5.87 billion, showing a 10.6% increase year-over-year.
• Analysts have mixed reviews on Adobe's stock, with ratings ranging from "strong sell" to "strong buy," but the consensus price target is $467.58.

Dimensional Fund Advisors LP reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,844,481 shares of the software company's stock after selling 62,854 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.43% of Adobe worth $707,398,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its position in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Bank Pictet & Cie Europe AG increased its position in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares during the period. Ontario Teachers Pension Plan Board bought a new position in Adobe in the 4th quarter worth approximately $386,000. Gabelli Funds LLC increased its position in Adobe by 0.4% in the 4th quarter. Gabelli Funds LLC now owns 21,500 shares of the software company's stock worth $9,561,000 after buying an additional 95 shares during the period. Finally, Gamco Investors INC. ET AL increased its position in Adobe by 3.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 1,678 shares of the software company's stock worth $746,000 after buying an additional 49 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the company. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Bank of America boosted their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and lowered their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research report on Wednesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $467.58.

Adobe Trading Up 0.7%

NASDAQ:ADBE traded up $2.39 during mid-day trading on Monday, hitting $357.24. The company had a trading volume of 2,919,250 shares, compared to its average volume of 3,794,911. Adobe Inc. has a fifty-two week low of $330.04 and a fifty-two week high of $587.75. The business's fifty day moving average is $371.84 and its two-hundred day moving average is $392.13. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $151.54 billion, a P/E ratio of 22.86, a P/E/G ratio of 1.68 and a beta of 1.51.

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

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.