Westwood Holdings Group Inc. Sells 2,681 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Westwood Holdings Group Inc. has reduced its stake in Adobe Inc. by 28.3%, now holding 6,779 shares valued at approximately $2.6 million.
• Several institutions, including Bank of New York Mellon Corp and GAMMA Investing LLC, have increased their holdings in Adobe, with GAMMA Investing lifting its stake by an extraordinary 46,806.6%.
• Analysts have mixed ratings on Adobe, with a consensus rating of "Moderate Buy" and an average price target of $473.88, although recent reports show varied sentiment on price objectives.

Westwood Holdings Group Inc. lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,779 shares of the software company's stock after selling 2,681 shares during the quarter. Westwood Holdings Group Inc.'s holdings in Adobe were worth $2,600,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ADBE. Bank of New York Mellon Corp increased its holdings in shares of Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after buying an additional 600,146 shares during the last quarter. Northern Trust Corp increased its stake in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares during the period. Deutsche Bank AG raised its position in shares of Adobe by 4.0% during the fourth quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock worth $1,555,031,000 after acquiring an additional 133,556 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Bank of America boosted their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a report on Wednesday, July 2nd. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Citigroup dropped their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Price Performance

Shares of ADBE opened at $345.62 on Thursday. The stock has a 50 day simple moving average of $381.52 and a 200 day simple moving average of $397.33. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market capitalization of $146.61 billion, a PE ratio of 22.11, a P/E/G ratio of 1.61 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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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