Sand Hill Global Advisors LLC Sells 7,494 Shares of Adobe Inc. $ADBE

Key Points

• Sand Hill Global Advisors LLC has reduced its stake in Adobe Inc. by 40.3%, selling 7,494 shares and holding 11,088 shares worth approximately $4.25 million as of the latest SEC filing.
• Several institutional investors have recently adjusted their holdings in Adobe, with First Trust Advisors LP increasing their position by 15.4%, now owning shares valued at $194.5 million.
• Adobe has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a price target averaging around $467.58, despite some analysts lowering their price objectives for the stock.

Sand Hill Global Advisors LLC decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 40.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,088 shares of the software company's stock after selling 7,494 shares during the period. Sand Hill Global Advisors LLC's holdings in Adobe were worth $4,253,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ADBE. Brighton Jones LLC boosted its holdings in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after acquiring an additional 756 shares in the last quarter. First Trust Advisors LP lifted its position in Adobe by 15.4% during the fourth quarter. First Trust Advisors LP now owns 437,408 shares of the software company's stock valued at $194,507,000 after buying an additional 58,218 shares during the period. Capital World Investors lifted its position in Adobe by 3.1% during the fourth quarter. Capital World Investors now owns 458,495 shares of the software company's stock valued at $203,884,000 after buying an additional 13,755 shares during the period. Finally, MYDA Advisors LLC purchased a new position in Adobe during the fourth quarter valued at $489,000. Institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Stifel Nicolaus lowered 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. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. DA Davidson reaffirmed a "buy" rating and issued a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Finally, Robert W. Baird lifted their price target on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Trading Up 1.8%

Shares of NASDAQ:ADBE opened at $354.85 on Monday. The stock has a 50 day moving average of $371.84 and a 200 day moving average of $392.13. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $587.75. The company has a market cap of $150.53 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 1.68 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 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the previous year, the firm earned $4.48 EPS. The firm's revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current 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.

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