Adobe Inc. (NASDAQ:ADBE) Shares Sold by Forte Capital LLC ADV

Forte Capital LLC ADV lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,603 shares of the software company's stock after selling 1,577 shares during the quarter. Adobe accounts for about 1.3% of Forte Capital LLC ADV's holdings, making the stock its 23rd biggest position. Forte Capital LLC ADV's holdings in Adobe were worth $10,587,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in ADBE. Garde Capital Inc. purchased a new stake in shares of Adobe during the 1st quarter worth approximately $34,000. Krane Funds Advisors LLC boosted its stake in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares in the last quarter. Burling Wealth Partners LLC purchased a new stake in shares of Adobe during the 4th quarter worth approximately $1,173,000. Financial Counselors Inc. boosted its stake in shares of Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after acquiring an additional 5,298 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in shares of Adobe by 36.2% during the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after acquiring an additional 2,583 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ADBE shares. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research note on Wednesday, July 2nd. BMO Capital Markets reissued an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. DA Davidson reissued a "buy" rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Down 0.2%

Shares of Adobe stock traded down $0.66 during trading on Friday, reaching $365.79. The company had a trading volume of 2,445,698 shares, compared to its average volume of 3,468,843. The company has a market cap of $155.17 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The firm's fifty day moving average is $394.55 and its 200-day moving average is $403.55. 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 fifty-two week low of $332.01 and a fifty-two week high of $587.75.

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

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.