Fox Hill Wealth Management Sells 1,468 Shares of Adobe Inc. (NASDAQ:ADBE)

Fox Hill Wealth Management cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 50.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,423 shares of the software company’s stock after selling 1,468 shares during the period. Fox Hill Wealth Management’s holdings in Adobe were worth $546,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the period. Nuveen LLC purchased a new position in shares of Adobe in the 1st quarter valued at $607,443,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock valued at $498,000 after acquiring an additional 1,216,351 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $338.43 on Wednesday. The stock has a market capitalization of $143.56 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.58 and a beta of 1.51. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. 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 stock has a 50-day moving average of $375.67 and a 200 day moving average of $394.37.

Adobe (NASDAQ:ADBE) last released its quarterly 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the prior year, the firm posted $4.48 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Evercore ISI restated an “outperform” rating and set a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Citigroup dropped their target price on Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Melius downgraded Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price on the stock. in a research note on Monday. Redburn Atlantic downgraded Adobe from a “hold” rating to a “strong sell” rating and dropped their target price for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, Robert W. Baird boosted their target price on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $467.58.

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.