Korea Investment CORP Trims Stock Position in Adobe Inc. $ADBE

Key Points

• Korea Investment CORP has reduced its stake in Adobe Inc. by 0.3%, owning approximately 0.08% of the company's shares, worth around $134.5 million.
• Institutional ownership of Adobe is high, with 81.79% of the stock held by institutional investors and hedge funds.
• Adobe's earnings report showed an EPS of $5.06, surpassing expectations, with quarterly revenue growing 10.6% year-over-year to $5.87 billion.

Korea Investment CORP lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 350,705 shares of the software company's stock after selling 935 shares during the quarter. Korea Investment CORP owned about 0.08% of Adobe worth $134,506,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Copia Wealth Management acquired a new position in shares of Adobe in the 4th quarter valued at $28,000. SWAN Capital LLC acquired a new position in Adobe in the 4th quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe in the 1st quarter valued at $26,000. HHM Wealth Advisors LLC acquired a new position in Adobe in the 1st quarter valued at $30,000. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe in the 4th quarter valued at $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on ADBE. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. DA Davidson reissued a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Finally, Stifel Nicolaus lowered their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $467.58.

Adobe Price Performance

NASDAQ:ADBE opened at $354.85 on Monday. The firm has a market cap of $150.53 billion, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 1.68 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. The company's 50-day moving average is $371.84 and its two-hundred day moving average is $392.13. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $4.48 EPS. Research 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.

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