Adobe Inc. (NASDAQ:ADBE) Shares Sold by JPL Wealth Management LLC

JPL Wealth Management LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 92.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 456 shares of the software company's stock after selling 5,470 shares during the period. JPL Wealth Management LLC's holdings in Adobe were worth $175,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter valued at approximately $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe during the 1st quarter valued at approximately $26,000. Summit Securities Group LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of Adobe during the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Mizuho reduced their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. UBS Group raised their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Finally, Wall Street Zen lowered Adobe from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Trading Down 0.3%

NASDAQ:ADBE traded down $0.95 on Friday, hitting $370.74. 2,041,507 shares of the stock were exchanged, compared to its average volume of 3,768,140. 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 fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market cap of $157.27 billion, a PE ratio of 23.72, a PEG ratio of 1.77 and a beta of 1.51. The stock has a fifty day moving average of $391.94 and a 200-day moving average of $401.19.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm earned $4.48 EPS. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company 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.