Compton Wealth Advisory Group LLC Sells 472 Shares of Adobe Inc. (NASDAQ:ADBE)

Compton Wealth Advisory Group LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,683 shares of the software company’s stock after selling 472 shares during the quarter. Compton Wealth Advisory Group LLC’s holdings in Adobe were worth $1,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Novare Capital Management LLC grew its position in shares of Adobe by 20.3% during the 1st quarter. Novare Capital Management LLC now owns 31,396 shares of the software company’s stock valued at $12,041,000 after purchasing an additional 5,293 shares in the last quarter. Concurrent Investment Advisors LLC grew its position in shares of Adobe by 9.7% during the 1st quarter. Concurrent Investment Advisors LLC now owns 4,656 shares of the software company’s stock valued at $1,786,000 after purchasing an additional 413 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock valued at $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. grew its position in shares of Adobe by 15.5% during the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 9,675 shares of the software company’s stock valued at $3,711,000 after purchasing an additional 1,297 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Adobe during the 1st quarter valued at $88,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $379.56 on Friday. The company has a 50-day simple moving average of $396.09 and a two-hundred day simple moving average of $408.04. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market cap of $161.01 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the business posted $4.48 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Stifel Nicolaus reduced their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research report on Friday, June 13th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $480.08.

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.