Ifrah Financial Services Inc. Has $399,000 Position in Adobe Inc. (NASDAQ:ADBE)

Ifrah Financial Services Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,041 shares of the software company’s stock after selling 79 shares during the quarter. Ifrah Financial Services Inc.’s holdings in Adobe were worth $399,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Traveka Wealth LLC boosted its position in shares of Adobe by 4.4% during the first quarter. Traveka Wealth LLC now owns 916 shares of the software company’s stock worth $351,000 after buying an additional 39 shares during the period. Proffitt & Goodson Inc. boosted its position in shares of Adobe by 3.1% during the first quarter. Proffitt & Goodson Inc. now owns 1,853 shares of the software company’s stock worth $711,000 after buying an additional 56 shares during the period. Vickerman Investment Advisors Inc. acquired a new position in shares of Adobe during the first quarter worth about $1,013,000. Core Alternative Capital boosted its position in shares of Adobe by 9,760.5% during the first quarter. Core Alternative Capital now owns 11,241 shares of the software company’s stock worth $4,311,000 after buying an additional 11,127 shares during the period. Finally, Novare Capital Management LLC boosted its position in shares of Adobe by 20.3% during the first quarter. Novare Capital Management LLC now owns 31,396 shares of the software company’s stock worth $12,041,000 after buying an additional 5,293 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADBE. Stifel Nicolaus reduced their price objective on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research report on Friday, June 13th. Phillip Securities raised Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. Morgan Stanley reduced their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Rothschild & Co Redburn cut Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price target for the company. in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $480.08.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $379.56 on Friday. The firm has a market cap of $161.01 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The business’s 50 day moving average is $396.09 and its 200-day moving average is $408.04.

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 analysts’ consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

About Adobe

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.