Invesco Ltd. Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Invesco Ltd. has reduced its stake in Adobe Inc. by 8.8%, now holding approximately 3.8 million shares worth around $1.46 billion.
• Hedge funds own 81.79% of Adobe's stock, with several firms recently increasing or initiating positions.
• Adobe reported a 5.06 EPS for the last quarter, exceeding expectations, with revenues of $5.87 billion, reflecting a year-over-year increase of 10.6%.

Invesco Ltd. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,796,947 shares of the software company's stock after selling 368,418 shares during the quarter. Invesco Ltd. owned approximately 0.89% of Adobe worth $1,456,243,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Pandora Wealth Inc. bought a new position in shares of Adobe during the first quarter valued at $241,000. Fiduciary Family Office LLC purchased a new position in Adobe in the first quarter worth about $934,000. Benjamin Edwards Inc. boosted its position in Adobe by 3.3% in the first quarter. Benjamin Edwards Inc. now owns 10,469 shares of the software company's stock worth $4,015,000 after purchasing an additional 332 shares during the last quarter. Koss Olinger Consulting LLC purchased a new position in Adobe in the first quarter worth about $305,000. Finally, Zions Bancorporation National Association UT purchased a new position in Adobe in the first quarter worth about $2,966,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.8%

Shares of ADBE traded up $2.78 during trading hours on Friday, hitting $341.05. The company had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. The company has a market capitalization of $144.67 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.62 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 Inc. has a one year low of $332.01 and a one year high of $587.75. The company's fifty day moving average price is $378.55 and its two-hundred day moving average price is $395.76.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) 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 company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the company posted $4.48 EPS. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADBE. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Bank of America lifted their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. 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 note on Wednesday, April 23rd. Robert W. Baird lifted their target price on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

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.