Sit Investment Associates Inc. Sells 6,012 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Sit Investment Associates Inc. reduced its stake in Adobe Inc. by 14.4%, holding 35,647 shares worth approximately $13.67 million as of the last reporting period.
• Institutional investors dominate Adobe's stock ownership, holding 81.79% of shares, with several firms significantly adjusting their positions in the company recently.
• Adobe reported earnings of $5.06 per share, surpassing analysts' expectations, and a revenue of $5.87 billion, reflecting a 10.6% year-over-year growth.

Sit Investment Associates Inc. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,647 shares of the software company's stock after selling 6,012 shares during the quarter. Sit Investment Associates Inc.'s holdings in Adobe were worth $13,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Adobe by 7.7% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 103,923 shares of the software company's stock worth $39,858,000 after buying an additional 7,400 shares during the period. Varenne Capital Partners acquired a new position in Adobe during the 1st quarter worth approximately $19,130,000. Ted Buchan & Co raised its stake in Adobe by 1.9% during the 1st quarter. Ted Buchan & Co now owns 1,368 shares of the software company's stock worth $525,000 after buying an additional 26 shares during the period. E Fund Management Co. Ltd. raised its stake in Adobe by 37.1% during the 1st quarter. E Fund Management Co. Ltd. now owns 24,727 shares of the software company's stock worth $9,484,000 after buying an additional 6,690 shares during the period. Finally, Financial Network Wealth Advisors LLC raised its stake in Adobe by 37.0% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 370 shares of the software company's stock worth $142,000 after buying an additional 100 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ:ADBE traded down $2.49 during trading hours on Thursday, reaching $348.58. The stock had a trading volume of 3,742,921 shares, compared to its average volume of 3,564,123. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a 50 day simple moving average of $373.08 and a 200 day simple moving average of $393.45. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $587.75. The stock has a market cap of $147.87 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 1.66 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (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 business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the business posted $4.48 earnings per share. The business's revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ADBE shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and dropped their price target for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. 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. Rothschild & Co Redburn downgraded 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. Finally, Mizuho lowered their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $467.58.

About Adobe

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.