Stratos Wealth Advisors LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Stratos Wealth Advisors LLC lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,068 shares of the software company's stock after selling 2,597 shares during the period. Stratos Wealth Advisors LLC's holdings in Adobe were worth $6,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after purchasing an additional 756 shares in the last quarter. GHE LLC grew its stake in Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after purchasing an additional 670 shares in the last quarter. Proficio Capital Partners LLC grew its stake in Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after purchasing an additional 1,083 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Adobe by 11.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company's stock worth $114,879,000 after purchasing an additional 25,543 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on ADBE shares. Mizuho dropped their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Piper Sandler dropped their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Stock Down 2.2%

Shares of ADBE traded down $8.08 during midday trading on Friday, hitting $363.35. 3,545,215 shares of the company's stock traded hands, compared to its average volume of 3,454,388. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm's fifty day moving average is $396.03 and its 200-day moving average is $405.83. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last issued 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. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $4.48 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share 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.