NewEdge Advisors LLC Reduces Holdings in Adobe Inc. $ADBE

Key Points

• NewEdge Advisors LLC reduced its stake in Adobe Inc. by 8.1%, selling 3,301 shares and holding a total of 37,218 shares valued at approximately $14.27 million at the end of the first quarter.
• Institutional investors own 81.79% of Adobe's stock, with recent activity including a 252.9% increase in holdings by Siemens Fonds Invest GmbH and new stakes purchased by multiple firms.
• Adobe's most recent quarterly earnings report exceeded expectations, with $5.06 EPS and revenue of $5.87 billion, showcasing a strong year-over-year revenue growth of 10.6%.

NewEdge Advisors LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,218 shares of the software company's stock after selling 3,301 shares during the period. NewEdge Advisors LLC's holdings in Adobe were worth $14,274,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Adobe by 12.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 518,634 shares of the software company's stock worth $198,920,000 after buying an additional 56,732 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Adobe by 1,001.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 728,249 shares of the software company's stock worth $279,305,000 after buying an additional 662,144 shares during the period. Kettle Hill Capital Management LLC acquired a new stake in shares of Adobe during the first quarter worth about $13,503,000. DnB Asset Management AS boosted its stake in shares of Adobe by 115.2% during the first quarter. DnB Asset Management AS now owns 448,322 shares of the software company's stock worth $171,945,000 after buying an additional 240,031 shares during the period. Finally, Clark Capital Management Group Inc. boosted its stake in shares of Adobe by 23.3% during the first quarter. Clark Capital Management Group Inc. now owns 8,951 shares of the software company's stock worth $3,433,000 after buying an additional 1,694 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE traded down $1.04 during mid-day trading on Friday, reaching $349.51. 10,074,537 shares of the company's stock were exchanged, compared to its average volume of 3,855,823. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a 50-day simple moving average of $357.92 and a two-hundred day simple moving average of $380.45. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $557.90. The company has a market cap of $148.26 billion, a price-to-earnings ratio of 22.37, a PEG ratio of 1.66 and a beta of 1.48.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays increased their target price on shares of Adobe from $460.00 to $465.00 and gave the stock an "overweight" rating in a research note on Friday. Robert W. Baird increased their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. DA Davidson reissued a "buy" rating and set a $500.00 price target on shares of Adobe in a report on Friday. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Finally, Oppenheimer cut their price target on shares of Adobe from $500.00 to $460.00 and set an "outperform" rating for the company in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $435.63.

Adobe Company 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.