Security National Bank lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 98.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 179 shares of the software company's stock after selling 13,480 shares during the period. Security National Bank's holdings in Adobe were worth $69,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter worth $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter worth $28,000. Summit Securities Group LLC purchased a new position in shares of Adobe during the 4th quarter worth $31,000. Bernard Wealth Management Corp. purchased a new position in shares of Adobe during the 4th quarter worth $36,000. Finally, Mascoma Wealth Management LLC raised its holdings in shares of Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.
Adobe Stock Up 0.2%
Shares of Adobe stock traded up $0.88 on Friday, reaching $385.83. 5,081,963 shares of the company were exchanged, compared to its average volume of 3,406,087. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market cap of $163.67 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 1.82 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The stock's 50 day moving average price is $392.49 and its 200-day moving average price is $412.76.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.48 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on ADBE shares. Evercore ISI reissued an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Piper Sandler cut 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. 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 research report on Monday, March 31st. UBS Group raised their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Finally, Mizuho cut 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. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $496.75.
Check Out Our Latest Report on ADBE
Adobe Company Profile
(
Free Report)
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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