Adobe Inc. (NASDAQ:ADBE) Stock Position Trimmed by Prosperity Consulting Group LLC

Key Points

• Prosperity Consulting Group LLC reduced its stake in Adobe Inc. by 32.8%, selling 2,096 shares and holding a total of 4,294 shares valued at approximately $1.65 million as of the latest filing.
• Institutional investors currently own 81.79% of Adobe's stock, indicating strong institutional confidence in the company, despite varied analyst ratings.
• Adobe reported a quarterly earnings per share (EPS) of $5.06, surpassing analyst expectations, with revenue of $5.87 billion, reflecting a year-over-year increase of 10.6%.

Prosperity Consulting Group LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,294 shares of the software company's stock after selling 2,096 shares during the period. Prosperity Consulting Group LLC's holdings in Adobe were worth $1,647,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Brio Consultants LLC acquired a new position in Adobe during the first quarter worth approximately $3,529,000. Galvin Gaustad & Stein LLC acquired a new stake in shares of Adobe in the first quarter worth $318,000. University of Texas Texas AM Investment Management Co. increased its position in shares of Adobe by 79.7% in the first quarter. University of Texas Texas AM Investment Management Co. now owns 8,808 shares of the software company's stock worth $3,378,000 after acquiring an additional 3,907 shares in the last quarter. Metis Global Partners LLC increased its position in shares of Adobe by 9.7% in the first quarter. Metis Global Partners LLC now owns 29,577 shares of the software company's stock worth $11,344,000 after acquiring an additional 2,616 shares in the last quarter. Finally, First National Advisers LLC increased its position in shares of Adobe by 0.9% in the first quarter. First National Advisers LLC now owns 11,445 shares of the software company's stock worth $4,390,000 after acquiring an additional 103 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price objective for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Performance

Shares of Adobe stock traded down $7.51 during trading hours on Friday, reaching $350.18. The company's stock had a trading volume of 2,178,215 shares, compared to its average volume of 3,759,639. The company's 50 day simple moving average is $386.92 and its 200 day simple moving average is $399.51. 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 stock has a market cap of $148.55 billion, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly 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. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company Profile

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.