Adobe Inc. (NASDAQ:ADBE) Shares Sold by Aberdeen Group plc

Aberdeen Group plc reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 20.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 491,654 shares of the software company’s stock after selling 128,098 shares during the period. Aberdeen Group plc’s holdings in Adobe were worth $187,151,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Copia Wealth Management purchased a new stake in Adobe in the 4th quarter worth approximately $28,000. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe in the 1st quarter worth approximately $26,000. HHM Wealth Advisors LLC purchased a new stake in Adobe in the 1st quarter worth approximately $30,000. Finally, Bernard Wealth Management Corp. purchased a new stake in Adobe in the 4th quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $348.58 on Friday. The firm has a market cap of $147.87 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 1.66 and a beta of 1.51. The firm’s 50-day simple moving average is $373.08 and its 200-day simple moving average is $393.45. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate 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%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.48 earnings per share. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on ADBE shares. Melius cut shares of Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price for the company. in a research note on Monday. Rothschild & Co Redburn cut shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective for the company. in a research note on Wednesday, July 2nd. Mizuho lowered their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. BMO Capital Markets reissued an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Evercore ISI reissued an “outperform” rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.