Adobe Inc. (NASDAQ:ADBE) Shares Sold by Fox Hill Wealth Management

Key Points

• Fox Hill Wealth Management reduced its stake in Adobe Inc. by 50.8%, selling 1,468 shares and holding 1,423 shares valued at approximately $546,000 as of its latest filing.
• Several institutional investors, including GAMMA Investing LLC and Goldman Sachs Group Inc., significantly increased their positions in Adobe, with GAMMA acquiring over 2.9 million shares.
• Adobe's recent quarterly earnings surpassed analysts' expectations, reporting $5.06 earnings per share on revenue of $5.87 billion, which rose by 10.6% year-over-year.

Fox Hill Wealth Management reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 50.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,423 shares of the software company's stock after selling 1,468 shares during the quarter. Fox Hill Wealth Management's holdings in Adobe were worth $546,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Adobe by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after purchasing an additional 171,547 shares during the period. Bank of New York Mellon Corp raised its holdings in Adobe by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after purchasing an additional 821,293 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp raised its holdings in Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after purchasing an additional 1,856,544 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of ADBE stock traded down $2.49 during trading hours on Thursday, hitting $348.58. The company's stock had a trading volume of 3,742,921 shares, compared to its average volume of 3,801,085. The business has a fifty day moving average of $374.41 and a 200-day moving average of $394.07. The stock has a market cap of $147.87 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 1.60 and a beta of 1.51. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate 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 quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Stifel Nicolaus decreased their price target on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Melius cut Adobe from a "hold" rating to a "sell" rating and set a $310.00 price target on the stock. in a report on Monday. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Finally, Evercore ISI reissued an "outperform" rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

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.