Valeo Financial Advisors LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,656 shares of the software company's stock after selling 2,263 shares during the quarter. Valeo Financial Advisors LLC's holdings in Adobe were worth $2,170,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in ADBE. Sepio Capital LP raised its holdings in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the period. Cadence Bank grew its position in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC grew its position in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC increased its position in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC increased its position in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Analyst Upgrades and Downgrades
ADBE has been the subject of several research analyst reports. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Oppenheimer reduced their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and reduced their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, Evercore ISI reiterated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $480.08.
Check Out Our Latest Research Report on ADBE
Adobe Stock Performance
Shares of NASDAQ ADBE traded down $8.08 during midday trading on Friday, reaching $363.35. 3,545,215 shares of the company were exchanged, compared to its average volume of 3,460,173. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a fifty day simple moving average of $396.03 and a 200 day simple moving average of $405.54. The stock has a market cap of $154.13 billion, a P/E ratio of 23.25, a PEG ratio of 1.72 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.
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. 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 quarter in the previous year, the company earned $4.48 EPS. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
About Adobe
(
Free Report)
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.
Read More
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
