Knights of Columbus Asset Advisors LLC Sells 3,676 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Knights of Columbus Asset Advisors LLC reduced its holdings in Adobe Inc. by 28.6% in the first quarter, now owning 9,163 shares valued at approximately $3.51 million.
• In the first quarter, several other institutional investors also altered their positions in Adobe, with 81.79% of the stock now owned by hedge funds and institutional players.
• Adobe's latest earnings report showed a year-over-year revenue increase of 10.6%, with earnings per share beating analysts' expectations at $5.06.

Knights of Columbus Asset Advisors LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 9,163 shares of the software company's stock after selling 3,676 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in Adobe were worth $3,514,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ADBE. Garde Capital Inc. bought a new position in shares of Adobe in the 1st quarter worth approximately $34,000. PFG Advisors lifted its stake in shares of Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after purchasing an additional 855 shares during the period. Krane Funds Advisors LLC increased its holdings in Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares in the last quarter. Burling Wealth Partners LLC purchased a new stake in Adobe in the 4th quarter worth approximately $1,173,000. Finally, Financial Counselors Inc. increased its holdings in Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after acquiring an additional 5,298 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADBE. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Morgan Stanley reduced their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a report on Wednesday, July 2nd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Trading Down 0.3%

ADBE traded down $0.95 during trading on Friday, reaching $370.74. The company had a trading volume of 2,052,034 shares, compared to its average volume of 3,416,126. The stock has a market cap of $157.27 billion, a P/E ratio of 23.72, a PEG ratio of 1.76 and a beta of 1.51. The business has a 50 day simple moving average of $391.01 and a 200-day simple moving average of $400.84. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the company earned $4.48 earnings per share. Adobe's revenue was up 10.6% on a year-over-year basis. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal 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.