Investor s Fiduciary Advisor Network LLC Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Investor s Fiduciary Advisor Network LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 46.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 879 shares of the software company's stock after selling 753 shares during the period. Investor s Fiduciary Advisor Network LLC's holdings in Adobe were worth $337,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after acquiring an additional 821,293 shares during the period. Norges Bank bought a new stake in shares of Adobe in the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after acquiring an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Bank of America boosted their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and reduced their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Mizuho lowered their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, Piper Sandler cut their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $480.08.

Adobe Price Performance

Shares of Adobe stock traded down $2.38 during trading on Monday, reaching $376.93. 3,542,960 shares of the stock traded hands, compared to its average volume of 3,433,287. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business has a fifty day simple moving average of $396.09 and a two-hundred day simple moving average of $407.83. The company has a market capitalization of $159.89 billion, a price-to-earnings ratio of 24.12, a P/E/G ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its 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 firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $4.48 EPS. Sell-side analysts expect 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.