Fifth Third Wealth Advisors LLC Has $3.01 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Fifth Third Wealth Advisors LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 24.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,859 shares of the software company's stock after selling 2,562 shares during the period. Fifth Third Wealth Advisors LLC's holdings in Adobe were worth $3,014,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Copia Wealth Management acquired a new stake in shares of Adobe during the 4th quarter valued at about $28,000. SWAN Capital LLC bought a new stake in shares of Adobe during the 4th quarter worth about $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe during the 4th quarter valued at about $31,000. Caitlin John LLC raised its stake in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe in the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.

Adobe Price Performance

NASDAQ:ADBE traded up $9.09 on Tuesday, reaching $412.49. The stock had a trading volume of 2,736,539 shares, compared to its average volume of 3,422,380. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $175.80 billion, a P/E ratio of 33.27, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock has a fifty day moving average price of $379.21 and a 200-day moving average price of $426.57.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Evercore ISI lowered their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Citigroup lowered their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research note on Monday, March 10th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Stifel Nicolaus decreased their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Finally, Robert W. Baird cut their price objective on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

About Adobe

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.