Philadelphia Trust Co. Sells 21,657 Shares of Adobe Inc. $ADBE

Key Points

• Philadelphia Trust Co. significantly reduced its holdings in Adobe Inc. by selling 21,657 shares, resulting in a 96.1% decrease in ownership.
• Adobe's quarterly earnings report showed earnings per share of $5.06, surpassing analysts' expectations of $4.97, with a revenue increase of 10.6% year-over-year.
• Analyst ratings for Adobe include 16 buy ratings and a consensus target price of $467.58, indicating positive sentiment among investment analysts.

Philadelphia Trust Co. cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 96.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 874 shares of the software company's stock after selling 21,657 shares during the quarter. Philadelphia Trust Co.'s holdings in Adobe were worth $335,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Copia Wealth Management bought a new stake in Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter worth about $28,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe in the first quarter worth about $26,000. HHM Wealth Advisors LLC bought a new stake in Adobe in the first quarter worth about $30,000. Finally, Bernard Wealth Management Corp. bought a new stake in Adobe in the fourth quarter worth about $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Oppenheimer lowered their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Robert W. Baird boosted their price target on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Mizuho lowered their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Finally, Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $467.58.

Adobe Price Performance

Adobe stock traded up $2.39 during midday trading on Monday, reaching $357.24. 2,920,441 shares of the stock were exchanged, compared to its average volume of 3,647,353. The company's fifty day moving average is $370.66 and its 200-day moving average is $391.57. The firm has a market cap of $151.54 billion, a PE ratio of 22.86, a PEG ratio of 1.68 and a beta of 1.51. Adobe Inc. has a 52 week low of $330.04 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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 business's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.48 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.