Gilman Hill Asset Management LLC Sells 100 Shares of Adobe Inc. (NASDAQ:ADBE)

Gilman Hill Asset Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 11.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 770 shares of the software company’s stock after selling 100 shares during the quarter. Gilman Hill Asset Management LLC’s holdings in Adobe were worth $295,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. HF Advisory Group LLC raised its position in Adobe by 17.2% in the 1st quarter. HF Advisory Group LLC now owns 3,630 shares of the software company’s stock worth $1,392,000 after purchasing an additional 532 shares during the period. Bay Rivers Group boosted its position in shares of Adobe by 19.9% during the first quarter. Bay Rivers Group now owns 975 shares of the software company’s stock valued at $374,000 after buying an additional 162 shares during the period. Channel Wealth LLC purchased a new position in shares of Adobe during the first quarter valued at approximately $3,775,000. Lifestyle Asset Management Inc. grew its stake in shares of Adobe by 26.7% during the first quarter. Lifestyle Asset Management Inc. now owns 665 shares of the software company’s stock valued at $255,000 after buying an additional 140 shares during the last quarter. Finally, Key Client Fiduciary Advisors LLC raised its holdings in shares of Adobe by 7.2% in the first quarter. Key Client Fiduciary Advisors LLC now owns 1,324 shares of the software company’s stock worth $508,000 after buying an additional 89 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.3%

NASDAQ:ADBE opened at $415.20 on Friday. The stock has a market capitalization of $176.96 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $380.73 and a 200 day moving average of $425.81.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating 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 firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. UBS Group lowered their target price on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Robert W. Baird reduced their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Finally, Wells Fargo & Company dropped their target price on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

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.