Adobe Inc. (NASDAQ:ADBE) Shares Sold by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 18.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,440 shares of the software company’s stock after selling 779 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Adobe were worth $1,319,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Sepio Capital LP lifted its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank increased its stake in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC increased its stake in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC raised its holdings in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC boosted its position in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Evercore ISI reissued an “outperform” rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $496.75.

Adobe Trading Up 1.4%

Shares of ADBE stock opened at $387.55 on Thursday. The firm’s 50-day simple moving average is $391.76 and its 200-day simple moving average is $413.89. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market cap of $165.17 billion, a P/E ratio of 24.80, a PEG ratio of 1.81 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during 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 revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.48 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current 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.