Park Place Capital Corp Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Park Place Capital Corp reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 50.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 932 shares of the software company's stock after selling 934 shares during the quarter. Park Place Capital Corp's holdings in Adobe were worth $357,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Siemens Fonds Invest GmbH raised its holdings in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. SWAN Capital LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $28,000. Copia Wealth Management acquired a new position in Adobe in the fourth quarter valued at $28,000. Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter worth about $31,000. Finally, Garde Capital Inc. purchased a new position in Adobe during the first quarter worth about $34,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Up 0.2%

NASDAQ ADBE traded up $0.88 on Friday, reaching $385.83. The company had a trading volume of 5,081,963 shares, compared to its average volume of 3,411,347. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a 50-day moving average of $392.49 and a 200-day moving average of $412.76. The firm has a market capitalization of $164.44 billion, a PE ratio of 24.69, a P/E/G ratio of 1.84 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $4.48 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on ADBE. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Finally, Mizuho cut their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $496.75.

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.