Tower Bridge Advisors Sells 5,205 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Tower Bridge Advisors reduced its stake in Adobe Inc. by 29.1%, selling 5,205 shares during the first quarter, leaving them with a total of 12,663 shares valued at approximately $4.86 million.
• In the latest earnings report, Adobe surpassed analyst expectations with earnings per share of $5.06, and revenue of $5.87 billion, marking a year-over-year revenue increase of 10.6%.
• Adobe's stock has an average analyst rating of "Moderate Buy" with a consensus target price set at $473.88, reflecting varied outlooks from different analysts on the stock's future performance.

Tower Bridge Advisors reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,663 shares of the software company's stock after selling 5,205 shares during the quarter. Tower Bridge Advisors' holdings in Adobe were worth $4,857,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH grew its position 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 valued at $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe in the 1st quarter valued at approximately $26,000. SWAN Capital LLC acquired a new position in shares of Adobe in the 4th quarter valued at approximately $28,000. Copia Wealth Management acquired a new position in shares of Adobe in the 4th quarter valued at approximately $28,000. Finally, Garde Capital Inc. acquired a new position in shares of Adobe in the 1st quarter valued at approximately $34,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE traded down $9.89 on Friday, reaching $347.80. The stock had a trading volume of 4,305,938 shares, compared to its average volume of 3,775,404. 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 fifty day moving average of $386.92 and a two-hundred day moving average of $399.51. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market cap of $147.54 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.

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

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Evercore ISI reiterated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Citigroup cut their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

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.