GKV Capital Management Co. Inc. Has $178,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• GKV Capital Management Co. Inc. reduced its stake in Adobe Inc. by 88.1% in Q1, holding only 463 shares worth $178,000 after selling 3,414 shares.
• Other institutional investors have recently increased their holdings in Adobe, with Siemens Fonds Invest GmbH expanding its stake by 252.9% in the previous quarter.
• Adobe reported quarterly earnings of $5.06 per share, surpassing expectations, and analysts have set a consensus price target of $467.58 for the stock.

GKV Capital Management Co. Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 88.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 463 shares of the software company's stock after selling 3,414 shares during the period. GKV Capital Management Co. Inc.'s holdings in Adobe were worth $178,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of 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 buying an additional 1,856,544 shares during the last quarter. Nuveen LLC bought a new position in shares of Adobe in the 1st quarter worth about $607,443,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after buying an additional 1,216,351 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after buying an additional 830,300 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $2.49 during mid-day trading on Thursday, reaching $348.58. The company had a trading volume of 3,742,921 shares, compared to its average volume of 3,801,085. 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 has a market cap of $147.87 billion, a PE ratio of 22.30, a P/E/G ratio of 1.60 and a beta of 1.51. The company has a 50-day moving average price of $374.41 and a two-hundred day moving average price of $394.07. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $587.75.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ADBE shares. UBS Group raised their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Oppenheimer cut their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. DA Davidson reiterated a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Finally, Stifel Nicolaus cut their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Four 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 given a strong buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $467.58.

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.