Union Bancaire Privee UBP SA Has $63.27 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Union Bancaire Privee UBP SA lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 165,215 shares of the software company's stock after selling 10,123 shares during the quarter. Adobe comprises about 1.4% of Union Bancaire Privee UBP SA's holdings, making the stock its 22nd largest holding. Union Bancaire Privee UBP SA's holdings in Adobe were worth $63,270,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Copia Wealth Management purchased a new position in Adobe in the 4th quarter worth approximately $28,000. SWAN Capital LLC purchased a new position in Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC purchased a new position in Adobe in the 4th quarter worth approximately $31,000. Bernard Wealth Management Corp. purchased a new position in Adobe in the 4th quarter worth approximately $36,000. Finally, Mascoma Wealth Management LLC boosted its stake in shares of Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after buying an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADBE. Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They set a "neutral" rating for the company. Citigroup increased their target price on Adobe from $430.00 to $465.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, 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. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $494.67.

Insider Buying and Selling

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by corporate insiders.

Adobe Price Performance

NASDAQ:ADBE traded down $22.00 during mid-day trading on Friday, reaching $391.68. 10,618,205 shares of the stock were exchanged, compared to its average volume of 3,381,385. The business has a fifty day moving average price of $386.76 and a 200 day moving average price of $420.43. The firm has a market capitalization of $166.93 billion, a PE ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.