Signal Advisors Wealth LLC lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 26.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,116 shares of the software company's stock after selling 1,108 shares during the period. Signal Advisors Wealth LLC's holdings in Adobe were worth $1,195,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Adobe in the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its stake in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its stake in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares in the last quarter. Institutional investors own 81.79% of the company's stock.
Adobe Stock Performance
Adobe stock traded up $1.72 during midday trading on Friday, hitting $416.92. The stock had a trading volume of 2,143,071 shares, compared to its average volume of 3,409,490. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $177.69 billion, a PE ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. The firm's fifty day moving average is $381.41 and its two-hundred day moving average is $424.72.
Adobe (NASDAQ:ADBE - Get Free Report) last posted 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the company posted $4.48 EPS. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on ADBE shares. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. BMO Capital Markets decreased their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating for the company. Wells Fargo & Company decreased their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, DA Davidson decreased their target price on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $502.88.
View Our Latest Research Report on Adobe
Insiders Place Their Bets
In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.
About Adobe
(
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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