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King Luther Capital Management Corp Sells 139,215 Shares of Adobe Inc. (NASDAQ:ADBE)

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Key Points

  • King Luther Capital Management Corp has reduced its stake in Adobe Inc. by 26.2%, selling 139,215 shares and now holding 392,273 shares valued at approximately $150.4 million.
  • Several other institutional investors have adjusted their positions in Adobe, with 81.79% of the stock owned by hedge funds and other large investors.
  • Adobe's recent quarterly earnings report showed an EPS of $5.06, exceeding estimates, with a revenue of $5.87 billion, reflecting a 10.6% increase year-over-year.
  • Want stock alerts on Adobe? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

King Luther Capital Management Corp trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 26.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 392,273 shares of the software company's stock after selling 139,215 shares during the period. King Luther Capital Management Corp owned about 0.09% of Adobe worth $150,448,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. Goldman Sachs Group Inc. raised its position in Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after acquiring an additional 1,856,544 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its position in Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after acquiring an additional 1,216,351 shares during the period. Two Sigma Advisers LP raised its position in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe in the 4th quarter valued at $365,750,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADBE. JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Mizuho reduced their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Finally, Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $467.58.

View Our Latest Stock Report on ADBE

Adobe Stock Down 2.2%

Shares of Adobe stock traded down $7.40 during trading on Monday, hitting $333.65. 4,360,234 shares of the stock traded hands, compared to its average volume of 3,799,113. The stock has a market cap of $141.53 billion, a P/E ratio of 21.35, a PEG ratio of 1.62 and a beta of 1.51. 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. The company has a fifty day moving average price of $378.55 and a two-hundred day moving average price of $395.47.

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

About Adobe

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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