Adobe Inc. (NASDAQ:ADBE) Shares Sold by Personal CFO Solutions LLC

Personal CFO Solutions LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 0.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 5,763 shares of the software company’s stock after selling 33 shares during the period. Personal CFO Solutions LLC’s holdings in Adobe were worth $2,210,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Siemens Fonds Invest GmbH raised its stake in shares of 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 period. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe in the 1st quarter valued at about $26,000. SWAN Capital LLC acquired a new stake in Adobe in the 4th quarter valued at about $28,000. Copia Wealth Management acquired a new stake in Adobe in the 4th quarter valued at about $28,000. Finally, Summit Securities Group LLC purchased a new stake in Adobe during the fourth quarter valued at about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. DA Davidson reissued a “buy” rating and issued a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Rothschild & Co Redburn cut Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective for the company. in a report on Wednesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $480.08.

Adobe Stock Up 0.1%

ADBE stock opened at $377.48 on Tuesday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company’s 50 day simple moving average is $396.25 and its 200-day simple moving average is $407.34. 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 firm has a market capitalization of $160.13 billion, a P/E ratio of 24.20, a P/E/G ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS 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 company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the firm earned $4.48 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities research analysts anticipate 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.