Ninety One UK Ltd lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 hedge funds have also made changes to their positions in ADBE. Sepio Capital LP grew its position in shares of 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 acquiring an additional 22 shares during the period. Cadence Bank grew its position in shares of 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 acquiring an additional 22 shares during the period. Eagle Strategies LLC grew its position in shares of 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 acquiring an additional 22 shares during the period. RB Capital Management LLC grew its position 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 valued at $2,198,000 after acquiring an additional 22 shares during the period. Finally, Orin Green Financial LLC grew its position 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 valued at $276,000 after acquiring an additional 23 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.
Adobe Stock Down 0.5%
Shares of Adobe stock traded down $1.82 during trading on Thursday, reaching $371.56. 1,511,953 shares of the company traded hands, compared to its average volume of 3,439,109. 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 Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a 50 day moving average price of $396.44 and a 200-day moving average price of $406.94. The firm has a market capitalization of $157.62 billion, a PE ratio of 23.74, a P/E/G ratio of 1.81 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the previous year, the company earned $4.48 EPS. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on ADBE shares. Robert W. Baird raised their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Mizuho dropped their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. DA Davidson restated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.
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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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