DMC Group LLC Sells 942 Shares of Adobe Inc. (NASDAQ:ADBE)

DMC Group LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 61.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 601 shares of the software company's stock after selling 942 shares during the period. DMC Group LLC's holdings in Adobe were worth $231,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Garde Capital Inc. purchased a new position in Adobe in the first quarter valued at about $34,000. Krane Funds Advisors LLC boosted its stake in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC purchased a new position in Adobe in the fourth quarter valued at about $1,173,000. Financial Counselors Inc. boosted its stake in Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after acquiring an additional 5,298 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in Adobe by 36.2% in the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock valued at $3,728,000 after acquiring an additional 2,583 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Adobe stock traded down $3.67 during mid-day trading on Thursday, reaching $369.71. 477,888 shares of the company's stock traded hands, compared to its average volume of 3,435,466. The company has a market cap of $156.83 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 1.81 and a beta of 1.51. The stock has a 50 day moving average of $396.44 and a two-hundred day moving average of $406.94. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the company posted $4.48 EPS. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Robert W. Baird upped their price target on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Citigroup decreased their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. UBS Group upped their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Finally, Rothschild & Co Redburn lowered shares of 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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.

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