Adobe Inc. (NASDAQ:ADBE) Stock Holdings Trimmed by Veery Capital LLC

Veery Capital LLC lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 37.5% during the 1st quarter, Holdings Channel reports. The fund owned 822 shares of the software company’s stock after selling 493 shares during the period. Veery Capital LLC’s holdings in Adobe were worth $315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH raised its stake in shares of 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 buying an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the fourth quarter worth $31,000. Finally, Caitlin John LLC raised its position in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $414.76 on Friday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $176.77 billion, a PE ratio of 33.45, a P/E/G ratio of 2.15 and a beta of 1.55. The stock has a 50-day simple moving average of $379.10 and a 200 day simple moving average of $428.70.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Robert W. Baird cut their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Wells Fargo & Company lowered their price target on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Finally, Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

Insider Buying and Selling

In other news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by insiders.

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.