Archer Investment Corp Sells 138 Shares of Adobe Inc. (NASDAQ:ADBE)

Archer Investment Corp decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 7.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 1,840 shares of the software company’s stock after selling 138 shares during the quarter. Archer Investment Corp’s holdings in Adobe were worth $706,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Copia Wealth Management bought a new position in Adobe during the fourth quarter worth $28,000. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe in the first quarter valued at $26,000. Summit Securities Group LLC bought a new stake in Adobe in the fourth quarter valued at $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe during the fourth quarter worth about $36,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on ADBE shares. Wells Fargo & Company reissued an “overweight” rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Rothschild & Co Redburn cut shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price target on the stock. in a research note on Wednesday, July 2nd. Redburn Atlantic cut shares of Adobe from a “hold” rating to a “strong sell” rating and dropped their price target for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $473.88.

Adobe Stock Down 0.6%

NASDAQ ADBE traded down $2.10 during trading hours on Friday, reaching $364.35. 458,000 shares of the company’s stock traded hands, compared to its average volume of 3,461,259. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $154.56 billion, a PE ratio of 23.31, a PEG ratio of 1.72 and a beta of 1.51. The firm has a 50-day simple moving average of $394.55 and a 200 day simple moving average of $403.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $5.80 billion. During the same period last year, the company posted $4.48 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company Profile

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.