United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Sells 26,247 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• United Super Pty Ltd significantly reduced its stake in Adobe Inc. by 89.7%, selling 26,247 shares in the first quarter, leaving it with only 3,000 shares valued at $1,151,000.
• Adobe's quarterly earnings exceeded expectations, reporting a net margin of 30.39% and a 10.6% year-over-year revenue increase to $5.87 billion.
• Analysts have set varied price targets for Adobe shares, with an average target price of $473.88, indicating a general sentiment of a "Moderate Buy" rating among equity analysts.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 89.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,000 shares of the software company's stock after selling 26,247 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's holdings in Adobe were worth $1,151,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ADBE. Copia Wealth Management purchased a new position in Adobe during the fourth quarter valued at approximately $28,000. SWAN Capital LLC bought a new position in Adobe in the 4th quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe during the 1st quarter valued at $26,000. HHM Wealth Advisors LLC bought a new position in shares of Adobe in the first quarter worth $30,000. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of Adobe in the fourth quarter worth $36,000. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 2.8%

Shares of NASDAQ ADBE opened at $347.80 on Friday. 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 50-day moving average of $385.72 and a 200 day moving average of $399.07. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a market cap of $147.54 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 1.70 and a beta of 1.52.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.48 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ADBE shares. Stifel Nicolaus decreased their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Robert W. Baird raised their target price on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Piper Sandler dropped their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $473.88.

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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