Phoenix Financial Ltd. Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Phoenix Financial Ltd. reduced its stake in Adobe Inc. by 15.2%, selling 9,721 shares and retaining a total of 54,349 shares worth approximately $20.87 million.
• Adobe recently reported earnings of $5.06 per share for the last quarter, exceeding expectations with revenues of $5.87 billion, which was also above analyst forecasts.
• As of now, Adobe has a consensus rating of "Moderate Buy" with a price target of $473.88, reflecting varying assessments from market analysts.

Phoenix Financial Ltd. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 15.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,349 shares of the software company's stock after selling 9,721 shares during the period. Phoenix Financial Ltd.'s holdings in Adobe were worth $20,873,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Drive Wealth Management LLC lifted its stake in shares of Adobe by 95.1% in the 1st quarter. Drive Wealth Management LLC now owns 2,983 shares of the software company's stock valued at $1,144,000 after purchasing an additional 1,454 shares during the period. Trilogy Capital Inc. raised its stake in shares of Adobe by 3.9% in the first quarter. Trilogy Capital Inc. now owns 5,110 shares of the software company's stock worth $1,960,000 after purchasing an additional 192 shares during the last quarter. McCollum Christoferson Group LLC increased its stake in Adobe by 12.8% in the 1st quarter. McCollum Christoferson Group LLC now owns 7,614 shares of the software company's stock valued at $2,920,000 after buying an additional 865 shares during the last quarter. ANB Bank increased its position in shares of Adobe by 7.9% during the 1st quarter. ANB Bank now owns 2,208 shares of the software company's stock valued at $847,000 after purchasing an additional 162 shares during the last quarter. Finally, Elefante Mark B increased its holdings in Adobe by 4.0% in the 1st quarter. Elefante Mark B now owns 901 shares of the software company's stock worth $346,000 after acquiring an additional 35 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.3%

NASDAQ:ADBE traded down $0.95 during midday trading on Friday, reaching $370.74. The company had a trading volume of 2,052,034 shares, compared to its average volume of 3,416,126. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock's fifty day simple moving average is $391.01 and its 200-day simple moving average is $400.84. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $157.27 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the previous year, the company earned $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Evercore ISI restated an "outperform" rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Stifel Nicolaus lowered their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Finally, Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

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.