Leavell Investment Management Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,600 shares of the software company's stock after selling 3,026 shares during the period. Leavell Investment Management Inc.'s holdings in Adobe were worth $4,832,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. Garde Capital Inc. acquired a new position in shares of Adobe during the 1st quarter worth $34,000. Krane Funds Advisors LLC raised its position in Adobe by 110.4% during the first 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 during the last quarter. Burling Wealth Partners LLC acquired a new position in Adobe during the fourth quarter worth about $1,173,000. Financial Counselors Inc. lifted its holdings in shares of Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after purchasing an additional 5,298 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its position in shares of Adobe by 36.2% in the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock valued at $3,728,000 after purchasing an additional 2,583 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Adobe Stock Down 2.2%
Shares of NASDAQ ADBE traded down $8.08 during trading on Friday, reaching $363.35. 3,545,215 shares of the stock were exchanged, compared to its average volume of 3,460,173. The company has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The business's 50-day moving average price is $396.03 and its 200 day moving average price is $405.23. 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 Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last posted 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 net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the company posted $4.48 EPS. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of analysts recently commented on the company. UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average target price of $473.88.
Get Our Latest Stock Report on ADBE
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.
Further Reading
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
