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Mizuho Securities USA LLC Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

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Key Points

  • Mizuho Securities USA LLC has reduced its stake in Adobe Inc. by 16.5% during the first quarter, owning 34,855 shares valued at approximately $13.4 million.
  • Analysts have mixed ratings on Adobe, with two sell ratings, eight holds, and sixteen buy ratings, while the consensus rating is a "Moderate Buy" with an average target price of $473.88.
  • Adobe reported earnings of $5.06 per share for the last quarter, exceeding estimates, and its revenue grew by 10.6% year-over-year to $5.87 billion.
  • Looking to Export and Analyze Adobe Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Mizuho Securities USA LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,855 shares of the software company's stock after selling 6,866 shares during the quarter. Mizuho Securities USA LLC's holdings in Adobe were worth $13,368,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Garde Capital Inc. bought a new position in shares of Adobe during the first quarter valued at approximately $34,000. PFG Advisors raised its holdings in shares of Adobe by 20.8% during the first quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after acquiring an additional 855 shares in the last quarter. Krane Funds Advisors LLC raised its holdings in shares of Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after acquiring an additional 730 shares in the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe during the fourth quarter valued at approximately $1,173,000. Finally, Financial Counselors Inc. raised its holdings in shares of Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after acquiring an additional 5,298 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

NASDAQ ADBE traded up $2.78 during trading hours on Friday, hitting $341.05. The company's stock had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company's 50 day simple moving average is $378.55 and its two-hundred day simple moving average is $395.76. The company has a market cap of $144.67 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.62 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $4.48 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Oppenheimer decreased their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Evercore ISI reiterated an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Finally, DA Davidson reiterated a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Two 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

View Our Latest Analysis on Adobe

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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