Adobe Inc. (NASDAQ:ADBE) Holdings Lowered by Transform Wealth LLC

Transform Wealth LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 19.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,613 shares of the software company’s stock after selling 4,932 shares during the period. Transform Wealth LLC’s holdings in Adobe were worth $7,906,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Adobe in the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC lifted its stake in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its stake in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after acquiring an additional 830,300 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have weighed in on ADBE. BMO Capital Markets dropped their target price on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Evercore ISI dropped their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Summit Redstone set a $410.00 target price on Adobe in a research report on Wednesday, March 19th. Finally, Morgan Stanley dropped their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Nine 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 stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $503.33.

Adobe Trading Down 0.0%

Shares of ADBE stock opened at $416.06 on Wednesday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm’s fifty day simple moving average is $382.99 and its 200 day simple moving average is $423.44. The firm has a market capitalization of $177.32 billion, a P/E ratio of 33.55, a price-to-earnings-growth 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 (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company posted $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current 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.