Private Advisor Group LLC Sells 1,251 Shares of Adobe Inc. (NASDAQ:ADBE)

Private Advisor Group LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,224 shares of the software company's stock after selling 1,251 shares during the quarter. Private Advisor Group LLC's holdings in Adobe were worth $9,291,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Siemens Fonds Invest GmbH increased its holdings in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the first quarter valued at approximately $26,000. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter valued at approximately $28,000. Finally, Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter valued at approximately $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. Mizuho reduced their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and reduced their target price for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Jefferies Financial Group cut their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, Stifel Nicolaus cut their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

Adobe Price Performance

Shares of ADBE stock traded down $0.22 on Thursday, hitting $372.24. 922,512 shares of the company's stock were exchanged, compared to its average volume of 3,771,487. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market cap of $157.90 billion, a P/E ratio of 23.81, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. The company has a 50 day moving average of $392.60 and a 200 day moving average of $401.60.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the firm posted $4.48 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. On average, equities research 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.