Adobe Inc. (NASDAQ:ADBE) Shares Sold by Quintet Private Bank Europe S.A.

Quintet Private Bank Europe S.A. lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,915 shares of the software company's stock after selling 1,221 shares during the period. Adobe comprises approximately 1.8% of Quintet Private Bank Europe S.A.'s holdings, making the stock its 21st largest position. Quintet Private Bank Europe S.A.'s holdings in Adobe were worth $29,883,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. NorthCrest Asset Manangement LLC lifted its position in Adobe by 10.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 30,402 shares of the software company's stock valued at $11,660,000 after purchasing an additional 2,966 shares during the period. Sky Investment Group LLC lifted its position in Adobe by 1.1% in the first quarter. Sky Investment Group LLC now owns 5,142 shares of the software company's stock valued at $1,972,000 after purchasing an additional 56 shares during the period. GraniteShares Advisors LLC lifted its position in Adobe by 4.3% in the first quarter. GraniteShares Advisors LLC now owns 3,323 shares of the software company's stock valued at $1,274,000 after purchasing an additional 138 shares during the period. RFG Holdings Inc. lifted its position in Adobe by 25.2% in the first quarter. RFG Holdings Inc. now owns 1,796 shares of the software company's stock valued at $689,000 after purchasing an additional 362 shares during the period. Finally, Rockland Trust Co. lifted its position in Adobe by 27.7% in the first quarter. Rockland Trust Co. now owns 1,760 shares of the software company's stock valued at $675,000 after purchasing an additional 382 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by company insiders.

Adobe Price Performance

Adobe stock traded down $22.00 during mid-day trading on Friday, hitting $391.68. 10,618,205 shares of the company were exchanged, compared to its average volume of 3,427,239. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business's 50 day simple moving average is $385.73 and its two-hundred day simple moving average is $422.64. The company has a market capitalization of $166.93 billion, a P/E ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the business posted $4.48 earnings per share. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Evercore ISI restated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Bank of America raised their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Finally, Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $494.67.

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.