Prairie Wealth Advisors Inc. Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Prairie Wealth Advisors Inc. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 57.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 789 shares of the software company's stock after selling 1,070 shares during the quarter. Prairie Wealth Advisors Inc.'s holdings in Adobe were worth $303,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. bought a new position in Adobe during the first quarter valued at $34,000. Arizona State Retirement System increased its holdings in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares during the last quarter. Burling Wealth Partners LLC bought a new stake in Adobe in the 4th quarter valued at about $1,173,000. Sound Income Strategies LLC lifted its holdings in Adobe by 17.6% during the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after purchasing an additional 46 shares during the last quarter. Finally, Horan Capital Advisors LLC. boosted its position in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after purchasing an additional 114 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADBE. Jefferies Financial Group dropped their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Oppenheimer dropped their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Piper Sandler cut their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Stifel Nicolaus cut their price target 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. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $496.75.

Adobe Trading Up 0.6%

Shares of Adobe stock traded up $2.22 on Tuesday, hitting $382.34. The stock had a trading volume of 4,794,607 shares, compared to its average volume of 3,401,527. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock's 50-day simple moving average is $390.90 and its two-hundred day simple moving average is $414.07. The stock has a market cap of $162.95 billion, a price-to-earnings ratio of 24.46, a PEG ratio of 1.80 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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 company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.48 earnings per share. As a group, sell-side analysts predict 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.