Howard Capital Management Inc. Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Howard Capital Management Inc. reduced its stake in Adobe Inc. by 12.7%, selling 1,788 shares and holding 12,338 shares valued at approximately $4.73 million as of the latest SEC filing.
• Several institutional investors have modified their holdings in Adobe, with Arkadios Wealth Advisors increasing its stake by a significant 482.6% during the first quarter.
• Analysts have mixed views on Adobe, with the stock receiving two sell ratings, eight hold ratings, and sixteen buy ratings, reflecting a consensus rating of "Moderate Buy" with a target price of $473.88.

Howard Capital Management Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,338 shares of the software company's stock after selling 1,788 shares during the quarter. Howard Capital Management Inc.'s holdings in Adobe were worth $4,732,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Siemens Fonds Invest GmbH boosted its holdings in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe during the first quarter worth about $26,000. SWAN Capital LLC bought a new position in Adobe during the fourth quarter worth about $28,000. Copia Wealth Management bought a new position in Adobe during the fourth quarter worth about $28,000. Finally, Garde Capital Inc. bought a new position in Adobe during the first quarter worth about $34,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 2.8%

Shares of ADBE stock traded down $9.89 on Friday, hitting $347.80. The company had a trading volume of 4,305,938 shares, compared to its average volume of 3,069,042. The firm has a market cap of $147.54 billion, a P/E ratio of 22.25, a P/E/G ratio of 1.70 and a beta of 1.52. The stock's 50-day moving average is $385.72 and its two-hundred day moving average is $399.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Bank of America raised their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Robert W. Baird raised their price target on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Finally, Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

About Adobe

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.