Adobe Inc. (NASDAQ:ADBE) Shares Sold by Integrated Advisors Network LLC

Integrated Advisors Network LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,940 shares of the software company's stock after selling 1,884 shares during the period. Integrated Advisors Network LLC's holdings in Adobe were worth $1,511,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ADBE. Arizona State Retirement System raised its holdings in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after buying an additional 570 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe during the fourth quarter valued at about $1,173,000. Horan Capital Advisors LLC. grew its stake in Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after purchasing an additional 114 shares during the period. Proficio Capital Partners LLC increased its stake in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after acquiring an additional 1,083 shares in the last quarter. Finally, LFA Lugano Financial Advisors SA bought a new stake in shares of Adobe in the 4th quarter worth approximately $38,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ADBE shares. Robert W. Baird reduced their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Oppenheimer dropped their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Finally, Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $494.67.

Insider Activity

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.16% of the company's stock.

Adobe Stock Performance

NASDAQ ADBE traded down $22.00 during trading hours on Friday, hitting $391.68. 10,618,205 shares of the stock were exchanged, compared to its average volume of 3,427,239. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $166.93 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a 50-day moving average of $385.73 and a 200 day moving average of $422.64.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter last year, the business earned $4.48 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.