DMC Group LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 61.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 also recently made changes to their positions in the business. Siemens Fonds Invest GmbH increased its stake in Adobe by 252.9% during the fourth 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 last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe during the first quarter valued at $26,000. SWAN Capital LLC bought a new stake in Adobe during the fourth quarter valued at $28,000. Copia Wealth Management bought a new stake in Adobe during the fourth quarter valued at $28,000. Finally, Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter valued at $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts have weighed in on the stock. Bank of America boosted their target price on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. UBS Group boosted their target price on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Finally, Evercore ISI restated an "outperform" rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $480.08.
Check Out Our Latest Analysis on ADBE
Adobe Price Performance
Shares of NASDAQ:ADBE traded down $8.20 during trading hours on Friday, hitting $363.23. 2,188,976 shares of the company's stock traded hands, compared to its average volume of 3,448,345. The company's fifty day simple moving average is $396.38 and its two-hundred day simple moving average is $406.42. The company has a market cap of $154.08 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The company 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 business's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.48 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Adobe Profile
(
Free Report)
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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