Adobe Inc. (NASDAQ:ADBE) Position Lessened by Wealth Management Partners LLC

Wealth Management Partners LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 595 shares of the software company’s stock after selling 38 shares during the quarter. Wealth Management Partners LLC’s holdings in Adobe were worth $228,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. HF Advisory Group LLC grew its position in shares of Adobe by 17.2% in the first quarter. HF Advisory Group LLC now owns 3,630 shares of the software company’s stock valued at $1,392,000 after purchasing an additional 532 shares during the last quarter. Bay Rivers Group grew its position in shares of Adobe by 19.9% in the first quarter. Bay Rivers Group now owns 975 shares of the software company’s stock valued at $374,000 after purchasing an additional 162 shares during the last quarter. Channel Wealth LLC acquired a new stake in shares of Adobe in the first quarter valued at about $3,775,000. Lifestyle Asset Management Inc. grew its position in shares of Adobe by 26.7% in the first quarter. Lifestyle Asset Management Inc. now owns 665 shares of the software company’s stock valued at $255,000 after purchasing an additional 140 shares during the last quarter. Finally, Key Client Fiduciary Advisors LLC grew its position 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 valued at $508,000 after purchasing an additional 89 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADBE. Mizuho lowered their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Robert W. Baird decreased 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. Bank of America decreased their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Wells Fargo & Company cut their target price on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $413.91 on Thursday. The firm has a market cap of $176.41 billion, a PE ratio of 33.38, a PEG ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a fifty day moving average price of $380.10 and a 200 day moving average price of $426.39.

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

Insider Activity

In other news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is owned by insiders.

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.