HighTower Advisors LLC Has $107.31 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• HighTower Advisors LLC reduced its holdings in Adobe Inc. by 5.0%, now owning 279,786 shares valued at approximately $107.31 million.
• A variety of institutional investors have recently entered new stakes in Adobe, reflecting strong interest, with 81.79% of the stock held by such investors.
• Adobe's latest earnings showed an EPS of $5.06, surpassing estimates; revenue was reported at $5.87 billion, marking a 10.6% year-over-year increase.

HighTower Advisors LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 279,786 shares of the software company's stock after selling 14,669 shares during the period. HighTower Advisors LLC owned about 0.07% of Adobe worth $107,306,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Siemens Fonds Invest GmbH raised its position in shares of Adobe by 252.9% during the 4th 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 stake in shares of Adobe during the 1st quarter valued at approximately $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $28,000. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of Adobe during the 1st quarter valued at approximately $30,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE stock traded down $2.49 during trading hours on Thursday, hitting $348.58. 3,742,921 shares of the stock traded hands, compared to its average volume of 3,801,085. The stock has a 50-day simple moving average of $374.41 and a 200 day simple moving average of $394.07. Adobe Inc. has a one year low of $330.04 and a one year high of $587.75. The company has a market cap of $147.87 billion, a P/E ratio of 22.30, a P/E/G ratio of 1.60 and a beta of 1.51. 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 announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the business posted $4.48 earnings per share. The company's quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research report on Wednesday, July 2nd. Melius Research raised Adobe to a "strong sell" rating in a research report on Monday. Citigroup dropped their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Bank of America increased their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently 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.