Frank Rimerman Advisors LLC Sells 2,437 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Frank Rimerman Advisors LLC reduced its stake in Adobe by 27%, selling 2,437 shares, and now holds 6,573 shares valued at $2,521,000.
• Institutional investors currently own 81.79% of Adobe stock, indicating strong institutional interest in the company.
• Adobe recently reported earnings of $5.06 per share, exceeding expectations, with revenue of $5.87 billion for the quarter, reflecting a 10.6% year-over-year increase.

Frank Rimerman Advisors LLC cut its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,573 shares of the software company's stock after selling 2,437 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Adobe were worth $2,521,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Siemens Fonds Invest GmbH increased its holdings in shares of 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 acquiring an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe during the first quarter valued at about $26,000. SWAN Capital LLC acquired a new position in shares of Adobe during the fourth quarter valued at about $28,000. Copia Wealth Management acquired a new position in shares of Adobe during the fourth quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Adobe during the first quarter valued at about $30,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ADBE shares. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Mizuho cut their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and cut their price target for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Finally, Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Trading Up 0.8%

Adobe stock opened at $341.05 on Friday. 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 Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock's 50 day simple moving average is $378.55 and its two-hundred day simple moving average is $396.05. The firm has a market cap of $144.67 billion, a PE ratio of 21.82, a P/E/G ratio of 1.60 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm posted $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe 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.

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