Adobe Inc. (NASDAQ:ADBE) Shares Sold by Audent Global Asset Management LLC

Audent Global Asset Management LLC cut its position in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,331 shares of the software company’s stock after selling 77 shares during the period. Adobe accounts for 1.7% of Audent Global Asset Management LLC’s holdings, making the stock its 21st largest position. Audent Global Asset Management LLC’s holdings in Adobe were worth $2,045,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Siemens Fonds Invest GmbH lifted its stake in Adobe by 252.9% in the 4th 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 in the first quarter valued at approximately $26,000. SWAN Capital LLC purchased a new position in Adobe during the fourth quarter worth approximately $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth $28,000. Finally, Summit Securities Group LLC purchased a new stake in Adobe in the 4th quarter valued at $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ADBE. Morgan Stanley lowered their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Stifel Nicolaus reduced their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. Oppenheimer dropped their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. UBS Group increased their price target on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Finally, Citigroup reduced their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $480.08.

Adobe Trading Down 3.5%

ADBE opened at $378.47 on Thursday. 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 capitalization of $160.55 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 1.86 and a beta of 1.51. The business has a fifty day moving average price of $395.48 and a 200 day moving average price of $409.36. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. 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 prior year, the firm earned $4.48 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share 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.