Virtu Financial LLC Has $6.25 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Virtu Financial LLC reduced its stake in Adobe Inc. by 32.2%, holding 16,307 shares, which is valued at approximately $6.25 million.
• Institutional investors control 81.79% of Adobe’s stock, with recent activity including new stakes and increased holdings from firms like Garde Capital Inc. and Krane Funds Advisors LLC.
• A number of analysts have adjusted their target price for Adobe, with Oppenheimer lowering it from $530 to $500, but maintaining an "outperform" rating on the stock.

Virtu Financial LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,307 shares of the software company's stock after selling 7,738 shares during the period. Adobe comprises about 0.3% of Virtu Financial LLC's investment portfolio, making the stock its 26th biggest holding. Virtu Financial LLC's holdings in Adobe were worth $6,254,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH boosted its holdings in Adobe by 252.9% in 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 in the last quarter. 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 position in shares of Adobe in the fourth quarter valued at approximately $28,000. Copia Wealth Management bought a new position in Adobe in the fourth quarter valued at $28,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Adobe during the 1st quarter worth about $30,000. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

NASDAQ:ADBE traded down $7.40 during mid-day trading on Monday, reaching $333.65. 4,360,234 shares of the stock were exchanged, compared to its average volume of 3,799,113. The business has a fifty day moving average price of $378.55 and a 200 day moving average price of $395.47. The firm has a market capitalization of $141.53 billion, a PE ratio of 21.35, a PEG ratio of 1.62 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 Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

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, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ADBE shares. Robert W. Baird increased their target price on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Evercore ISI restated an "outperform" rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $467.58.

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.