Transcend Capital Advisors LLC Sells 1,062 Shares of Adobe Inc. (NASDAQ:ADBE)

Transcend Capital Advisors LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,519 shares of the software company's stock after selling 1,062 shares during the quarter. Transcend Capital Advisors LLC's holdings in Adobe were worth $1,733,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after acquiring 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. Linscomb Wealth Inc. increased its holdings in Adobe by 11.1% during the 4th quarter. Linscomb Wealth Inc. now owns 5,327 shares of the software company's stock worth $2,369,000 after purchasing an additional 532 shares during the period. Finally, Peloton Wealth Strategists raised its position in Adobe by 1.8% during the 4th quarter. Peloton Wealth Strategists now owns 4,167 shares of the software company's stock valued at $1,853,000 after purchasing an additional 75 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. Bank of America increased their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Mizuho lowered their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, DA Davidson reissued a "buy" rating and set a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average target price of $496.75.

Adobe Stock Up 0.2%

NASDAQ:ADBE opened at $385.83 on Friday. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $163.67 billion, a PE ratio of 24.69, a P/E/G ratio of 1.82 and a beta of 1.55. The company's 50 day moving average is $393.23 and its two-hundred day moving average is $411.65.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company earned $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.

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