Riverpark Capital Management LLC Has $850,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Riverpark Capital Management LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 3.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,217 shares of the software company’s stock after selling 79 shares during the quarter. Riverpark Capital Management LLC’s holdings in Adobe were worth $850,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Cadence Bank lifted its stake in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its stake in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC lifted its stake in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after buying an additional 22 shares in the last quarter. Orin Green Financial LLC lifted its stake in shares of Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after buying an additional 23 shares in the last quarter. Finally, Diligent Investors LLC lifted its stake in shares of Adobe by 1.2% in the fourth quarter. Diligent Investors LLC now owns 2,160 shares of the software company’s stock valued at $961,000 after buying an additional 26 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ADBE shares. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. DA Davidson reissued a “buy” rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Wells Fargo & Company reissued an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Citigroup dropped their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. Finally, UBS Group raised 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. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $473.88.

Adobe Stock Up 0.8%

Shares of Adobe stock opened at $341.05 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company’s fifty day simple moving average is $378.55 and its two-hundred day simple moving average is $396.05. The company has a market cap of $144.67 billion, a P/E ratio of 21.82, a PEG ratio of 1.60 and a beta of 1.51. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.48 EPS. Research analysts anticipate that Adobe Inc. will post 16.65 EPS 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.