Concord Wealth Partners Sells 46 Shares of Adobe Inc. (NASDAQ:ADBE)

Concord Wealth Partners reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 27.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122 shares of the software company’s stock after selling 46 shares during the quarter. Concord Wealth Partners’ holdings in Adobe were worth $47,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Sepio Capital LP grew its holdings in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after acquiring an additional 22 shares during the period. Cadence Bank grew its position in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC increased its holdings in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC lifted its position in shares of 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 in the last quarter. Finally, Orin Green Financial LLC raised its holdings in Adobe by 3.8% in 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 during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.3%

Shares of ADBE stock opened at $366.45 on Friday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a 50-day moving average of $394.55 and a two-hundred day 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. The firm has a market cap of $155.45 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share 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 firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the firm posted $4.48 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on ADBE shares. Evercore ISI restated an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. 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 report on Friday, June 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Finally, UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $473.88.

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.