Steward Partners Investment Advisory LLC Reduces Holdings in Adobe Inc. $ADBE

Key Points

• Steward Partners Investment Advisory LLC reduced its stake in Adobe Inc. by 7.6%, selling 2,548 shares to end with 30,824 shares valued at approximately $11.82 million.
• Adobe reported Q2 earnings of $5.06 per share, exceeding estimates, with revenue of $5.87 billion, marking a 10.6% year-over-year increase.
• Analysts have mixed views on Adobe's stock, with target prices ranging from $310 to $500, resulting in an average rating of "Moderate Buy".

Steward Partners Investment Advisory LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,824 shares of the software company's stock after selling 2,548 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Adobe were worth $11,822,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ADBE. Bowie Capital Management LLC grew its holdings in shares of Adobe by 4.9% during the first quarter. Bowie Capital Management LLC now owns 191,466 shares of the software company's stock worth $73,433,000 after purchasing an additional 8,958 shares during the last quarter. Raymond James Financial Inc. grew its holdings in shares of Adobe by 3.2% during the first quarter. Raymond James Financial Inc. now owns 565,986 shares of the software company's stock worth $217,073,000 after purchasing an additional 17,666 shares during the last quarter. Forvis Mazars Wealth Advisors LLC grew its holdings in shares of Adobe by 4.8% during the first quarter. Forvis Mazars Wealth Advisors LLC now owns 8,435 shares of the software company's stock worth $3,235,000 after purchasing an additional 385 shares during the last quarter. Tocqueville Asset Management L.P. grew its holdings in shares of Adobe by 2.0% during the first quarter. Tocqueville Asset Management L.P. now owns 125,692 shares of the software company's stock worth $48,207,000 after purchasing an additional 2,503 shares during the last quarter. Finally, Wealthedge Investment Advisors LLC purchased a new position in shares of Adobe during the first quarter worth about $1,094,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE stock traded up $2.39 during midday trading on Monday, reaching $357.24. 2,920,441 shares of the company traded hands, compared to its average volume of 3,647,353. The firm's 50 day simple moving average is $370.66 and its two-hundred day simple moving average is $391.57. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $151.54 billion, a PE ratio of 22.86, 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company 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 firm earned $4.48 EPS. The company's revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Mizuho decreased their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Oppenheimer decreased their target price 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. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their target price for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe 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.