Adobe Inc. (NASDAQ:ADBE) Shares Sold by Ninety One UK Ltd

Ninety One UK Ltd lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,665 shares of the software company's stock after selling 7,292 shares during the quarter. Ninety One UK Ltd's holdings in Adobe were worth $29,787,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sepio Capital LP raised its stake in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares during the last quarter. Cadence Bank raised its stake in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC raised its stake in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC increased its stake in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after acquiring an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC increased its stake in shares of Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after acquiring an additional 23 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on ADBE shares. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. JPMorgan Chase & Co. decreased their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Piper Sandler cut their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Stock Down 0.5%

Shares of ADBE traded down $1.95 during midday trading on Thursday, hitting $371.43. The company had a trading volume of 4,019,776 shares, compared to its average volume of 3,452,958. The company's 50-day simple moving average is $396.44 and its 200-day simple moving average is $406.94. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market capitalization of $157.56 billion, a P/E ratio of 23.76, a P/E/G ratio of 1.77 and a beta of 1.51. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during 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 quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $4.48 EPS. As a group, sell-side 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.