Sienna Gestion Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Sienna Gestion reduced its stock holdings in Adobe Inc. by 12.0%, owning 22,693 shares worth about $8,460,000 after selling 3,098 shares in the 1st quarter.
• Adobe's share price target was revised by multiple analysts, with Mizuho setting a new target of $530, while Rothschild & Co Redburn lowered its rating from "neutral" to "sell" with a target price of $280.
• Adobe reported solid earnings with a Q2 EPS of $5.06, surpassing estimates, and a revenue increase of 10.6% year-over-year, leading to a projected EPS of 16.65 for the current year.

Sienna Gestion cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,693 shares of the software company's stock after selling 3,098 shares during the quarter. Sienna Gestion's holdings in Adobe were worth $8,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Siemens Fonds Invest GmbH increased its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe in the 1st quarter worth $26,000. SWAN Capital LLC bought a new position in shares of Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC bought a new position in shares of Adobe in the 1st quarter valued at about $30,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Oppenheimer decreased their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research note on Wednesday, July 2nd. Melius downgraded shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective for the company. in a research note on Monday. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average target price of $467.58.

Adobe Stock Performance

Adobe stock traded down $2.49 during midday trading on Thursday, hitting $348.58. 3,742,921 shares of the company's stock were exchanged, compared to its average volume of 3,564,123. The stock has a market cap of $147.87 billion, a price-to-earnings ratio of 22.30, a price-to-earnings-growth ratio of 1.66 and a beta of 1.51. The firm's 50 day simple moving average is $373.08 and its 200 day simple moving average is $393.45. 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 12-month low of $330.04 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The business 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 business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.48 earnings per share. Equities research analysts predict 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.