Adobe Inc. (NASDAQ:ADBE) Shares Sold by Foundations Investment Advisors LLC

Key Points

• Foundations Investment Advisors LLC reduced its stake in Adobe Inc. by 89.5% during the first quarter, holding just 3,793 shares after selling 32,216 shares.
• Analysts have mixed views on Adobe stock, with price targets ranging from $425 to $530 and ratings from "strong buy" to "sell", leading to a consensus rating of "Moderate Buy".
• Adobe reported earnings of $5.06 per share for the last quarter, exceeding analyst expectations and demonstrating a year-over-year revenue increase of 10.6%.

Foundations Investment Advisors LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 89.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,793 shares of the software company's stock after selling 32,216 shares during the quarter. Foundations Investment Advisors LLC's holdings in Adobe were worth $1,455,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sepio Capital LP boosted its holdings in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank grew its stake in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC boosted its stake in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC lifted its position in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC raised its holdings in shares of Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the period. Institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several research reports. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Bank of America upped their price objective 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. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Robert W. Baird increased their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Stifel Nicolaus decreased their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $9.89 on Friday, hitting $347.80. 4,305,938 shares of the company were exchanged, compared to its average volume of 3,775,404. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock's 50 day moving average price is $386.92 and its 200 day moving average price is $399.51. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market capitalization of $147.54 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results 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. The firm 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%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.48 earnings per share. Sell-side analysts predict 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.