Diversify Wealth Management LLC Has $4.23 Million Position in Adobe Inc. (NASDAQ:ADBE)

Diversify Wealth Management LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,396 shares of the software company's stock after selling 1,675 shares during the quarter. Diversify Wealth Management LLC's holdings in Adobe were worth $4,228,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Norges Bank acquired a new position in shares of Adobe in the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC boosted its holdings in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Two Sigma Advisers LP raised its position in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Adobe in the 4th quarter worth approximately $365,750,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE traded down $8.08 during trading on Friday, reaching $363.35. 3,545,215 shares of the company's stock were exchanged, compared to its average volume of 3,454,388. The business has a 50 day moving average price of $396.38 and a 200-day moving average price of $406.42. The stock has a market capitalization of $154.13 billion, a P/E ratio of 23.25, a PEG ratio of 1.76 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. 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 posted its earnings results on Thursday, June 12th. The software company reported $5.06 EPS 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 company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ADBE shares. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, Oppenheimer dropped their price objective 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. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average 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.