Polen Capital Management LLC Has $1.08 Billion Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Polen Capital Management LLC reduced its stake in Adobe Inc. by 6.5%, selling 196,949 shares during the first quarter, now holding about 2.82 million shares which accounts for 3.4% of its portfolio.
• Recent analyst reports have seen mixed adjustments in price targets for Adobe, with Morgan Stanley lowering its target from $600 to $510, while UBS Group raised theirs from $380 to $430, indicating a consensus rating of "Moderate Buy".
• Adobe Inc. reported a quarterly revenue of $5.87 billion with earnings per share of $5.06, exceeding analyst expectations, showcasing a year-over-year revenue growth of 10.6%.

Polen Capital Management LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,818,625 shares of the software company's stock after selling 196,949 shares during the period. Adobe comprises about 3.4% of Polen Capital Management LLC's investment portfolio, making the stock its 13th biggest holding. Polen Capital Management LLC owned about 0.66% of Adobe worth $1,081,027,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the period. Two Sigma Advisers LP increased its stake in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Adobe during the fourth quarter worth about $365,750,000. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 2.2%

NASDAQ:ADBE traded down $7.40 during trading hours on Monday, hitting $333.65. The stock had a trading volume of 4,360,234 shares, compared to its average volume of 3,799,113. The business's 50 day moving average is $378.55 and its 200-day moving average is $395.47. 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 Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a market cap of $141.53 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 1.62 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the company posted $4.48 EPS. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and reduced their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Oppenheimer reduced their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Stifel Nicolaus cut their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Finally, Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $467.58.

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.