Windward Capital Management Co. CA Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Windward Capital Management Co. CA significantly reduced its stake in Adobe Inc. by 49.3%, owning only 963 shares worth $369,000 after selling 935 shares in the first quarter.
• In contrast, GAMMA Investing LLC increased its holdings in Adobe by 46,806.6%, acquiring nearly 2.99 million shares and valued at over $1.14 billion.
• Adobe reported better-than-expected quarterly earnings, with a 10.6% year-over-year revenue increase to $5.87 billion and earnings per share of $5.06, exceeding analysts' estimates.

Windward Capital Management Co. CA cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 49.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 963 shares of the software company's stock after selling 935 shares during the period. Windward Capital Management Co. CA's holdings in Adobe were worth $369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Adobe by 46,806.6% in 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 last quarter. Goldman Sachs Group Inc. lifted its holdings in Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new position in Adobe in the first quarter valued at approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 1.8%

Adobe stock opened at $354.85 on Friday. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $587.75. 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 stock has a market cap of $150.53 billion, a PE ratio of 22.70, a P/E/G ratio of 1.68 and a beta of 1.51. The stock's fifty day moving average is $371.84 and its two-hundred day moving average is $392.50.

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 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 analysts' expectations of $5.80 billion. During the same period last year, the firm earned $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Robert W. Baird upped their price target on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. DA Davidson restated a "buy" rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Finally, Piper Sandler decreased their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.

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