Howard Capital Management Inc. Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Howard Capital Management Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.7% during the first quarter, Holdings Channel reports. The firm owned 12,338 shares of the software company’s stock after selling 1,788 shares during the period. Howard Capital Management Inc.’s holdings in Adobe were worth $4,732,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sepio Capital LP grew its stake in shares of Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after buying an additional 22 shares during the last quarter. Cadence Bank lifted its stake in shares of 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 acquiring an additional 22 shares during the last quarter. Eagle Strategies LLC grew its position in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after acquiring an additional 22 shares during the last quarter. RB Capital Management LLC increased its stake in Adobe by 0.4% in 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 during the period. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% during 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 last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $370.70 on Wednesday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The business’s fifty day simple moving average is $389.05 and its 200-day simple moving average is $400.11. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market cap of $157.25 billion, a PE ratio of 23.72, a PEG ratio of 1.75 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the business earned $4.48 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price on the stock. in a research note on Wednesday, July 2nd. Mizuho reduced their target price on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Wells Fargo & Company reiterated an “overweight” rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, Stifel Nicolaus dropped their price objective on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $473.88.

Adobe 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.