Gulf International Bank UK Ltd Sells 9,691 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Adobe Inc. by 27.9%, selling 9,691 shares, resulting in a total of 25,012 shares valued at approximately $9.59 million as of the end of the first quarter.
• Various institutional investors, including Goldman Sachs Group Inc., have significantly increased their holdings in Adobe, with Goldman Sachs boosting its position by 68.3% in the first quarter.
• Adobe reported better-than-expected quarterly earnings with an EPS of $5.06, surpassing analysts' estimates, and a revenue of $5.87 billion, representing a 10.6% year-over-year increase.

Gulf International Bank UK Ltd reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 25,012 shares of the software company's stock after selling 9,691 shares during the period. Gulf International Bank UK Ltd's holdings in Adobe were worth $9,592,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Cadence Bank grew its position in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC grew its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC grew its position in Adobe by 0.4% during the fourth 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. Orin Green Financial LLC grew its position in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after buying an additional 23 shares in the last quarter. Finally, Diligent Investors LLC grew its position in Adobe by 1.2% during the fourth quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock worth $961,000 after buying an additional 26 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a report on Wednesday, July 2nd. Melius cut Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective for the company. in a report on Monday. Melius Research upgraded Adobe to a "strong sell" rating in a report on Monday. Finally, Citigroup cut their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Trading Down 0.7%

Shares of Adobe stock traded down $2.49 on Thursday, hitting $348.58. The stock had a trading volume of 3,742,921 shares, compared to its average volume of 3,801,085. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a one year low of $330.04 and a one year high of $587.75. The stock has a market cap of $147.87 billion, a price-to-earnings ratio of 22.30, a PEG ratio of 1.60 and a beta of 1.51. The stock's 50-day simple moving average is $374.41 and its two-hundred day simple moving average is $394.07.

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 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 quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.48 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS 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.