Adobe Inc. (NASDAQ:ADBE) Shares Sold by Truist Financial Corp

Truist Financial Corp trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 183,372 shares of the software company's stock after selling 2,024 shares during the period. Truist Financial Corp's holdings in Adobe were worth $70,329,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Siemens Fonds Invest GmbH lifted its holdings in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe during the first quarter worth $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Copia Wealth Management acquired a new stake in Adobe in the fourth quarter valued at $28,000. Finally, Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter valued at $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 2.3%

NASDAQ ADBE traded down $8.82 on Wednesday, reaching $373.42. The company had a trading volume of 3,476,318 shares, compared to its average volume of 3,441,104. The firm has a market capitalization of $158.40 billion, a PE ratio of 23.89, a P/E/G ratio of 1.79 and a beta of 1.51. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a 50-day moving average of $396.48 and a 200-day moving average of $407.17. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its 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 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 analyst estimates of $5.80 billion. During the same period in the prior year, the company posted $4.48 EPS. Adobe's quarterly 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 fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Mizuho dropped their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

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.