Condor Capital Management Has $1.17 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Condor Capital Management trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 54.2% in the first quarter, Holdings Channel reports. The institutional investor owned 3,042 shares of the software company’s stock after selling 3,607 shares during the period. Condor Capital Management’s holdings in Adobe were worth $1,167,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Copia Wealth Management bought a new position in Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC bought a new stake in shares of Adobe in the fourth quarter worth $28,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Adobe in the first quarter worth $26,000. HHM Wealth Advisors LLC bought a new stake in shares of Adobe in the first quarter worth $30,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe in the 4th quarter worth about $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Adobe stock opened at $341.05 on Friday. The firm’s fifty day moving average price is $378.55 and its 200-day moving average price is $396.05. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $144.67 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 12th. The software company reported $5.06 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 company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm earned $4.48 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Morgan Stanley lowered their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Evercore ISI reissued an “outperform” rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Piper Sandler reduced their price objective 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. Oppenheimer reduced their target price on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Finally, Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $473.88.

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.