Massachusetts Financial Services Co. MA reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,404 shares of the software company's stock after selling 6,384 shares during the period. Massachusetts Financial Services Co. MA's holdings in Adobe were worth $9,360,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of ADBE. Copia Wealth Management bought a new stake in Adobe during the 4th quarter worth approximately $28,000. SWAN Capital LLC bought a new stake in shares of Adobe during the fourth quarter worth $28,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the first quarter valued at $26,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the fourth quarter valued at $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe in the fourth quarter valued at about $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Trading Down 0.2%
Shares of Adobe stock opened at $365.79 on Friday. The stock has a market cap of $155.17 billion, a P/E ratio of 23.40, a P/E/G ratio of 1.73 and a beta of 1.51. 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 12-month low of $332.01 and a 12-month high of $587.75. The business's 50 day moving average is $394.20 and its 200-day moving average is $402.72.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 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 business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the company posted $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several research firms recently weighed in on ADBE. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price objective for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Citigroup dropped their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research report on Wednesday, July 2nd. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a report on Friday, June 13th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.
View Our Latest 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.
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