Zhang Financial LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Zhang Financial LLC cut its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 51.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,657 shares of the software company's stock after selling 1,786 shares during the period. Zhang Financial LLC's holdings in Adobe were worth $636,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Siemens Fonds Invest GmbH boosted its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new position in shares of Adobe in the fourth quarter valued at $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter valued at $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe in the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Down 5.3%

Shares of ADBE traded down $22.00 during trading hours on Friday, hitting $391.68. The company had a trading volume of 10,618,205 shares, compared to its average volume of 3,427,239. The firm has a market cap of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock's 50 day moving average price is $385.73 and its 200 day moving average price is $422.64. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company posted $4.48 EPS. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets restated an "outperform" rating and set a $450.00 price objective on shares of Adobe in a report on Friday. Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Evercore ISI reiterated an "outperform" rating and set a $475.00 price target on shares of Adobe in a report on Friday. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a "neutral" rating for the company. Finally, Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $494.67.

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.