PARUS FINANCE UK Ltd Sells 2,230 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• PARUS FINANCE UK Ltd reduced its stake in Adobe Inc. by 6.0%, selling 2,230 shares, and now holds 34,815 shares valued at approximately $13.35 million.
• Analysts have mixed views on Adobe, with price targets ranging from $280 to $500 and an average rating of "Moderate Buy".
• Adobe recently reported earnings of $5.06 per share for the quarter, surpassing estimates, with a revenue of $5.87 billion reflecting a 10.6% year-over-year increase.

PARUS FINANCE UK Ltd decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 34,815 shares of the software company's stock after selling 2,230 shares during the period. Adobe accounts for about 4.6% of PARUS FINANCE UK Ltd's holdings, making the stock its 9th largest position. PARUS FINANCE UK Ltd's holdings in Adobe were worth $13,353,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Garde Capital Inc. acquired a new position in shares of Adobe during the 1st quarter worth about $34,000. PFG Advisors lifted its position in shares of Adobe by 20.8% during the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after purchasing an additional 855 shares during the last quarter. Krane Funds Advisors LLC lifted its position in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after purchasing an additional 730 shares during the last quarter. Burling Wealth Partners LLC acquired a new position in shares of Adobe during the 4th quarter worth about $1,173,000. Finally, Financial Counselors Inc. lifted its position in shares of Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after purchasing an additional 5,298 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ADBE shares. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and cut their price target for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. UBS Group upped their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Finally, Oppenheimer cut their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Performance

NASDAQ ADBE opened at $338.85 on Tuesday. The firm has a market cap of $143.74 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 1.65 and a beta of 1.51. The company has a 50 day moving average of $384.34 and a 200-day moving average of $398.11. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. 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 posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $4.48 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.

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