Doliver Advisors LP Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Doliver Advisors LP trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 4.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,998 shares of the software company’s stock after selling 138 shares during the period. Doliver Advisors LP’s holdings in Adobe were worth $1,150,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in Adobe during the fourth quarter worth about $76,712,000. Hanson & Doremus Investment Management increased its stake in Adobe by 89.8% during the fourth quarter. Hanson & Doremus Investment Management now owns 317 shares of the software company’s stock worth $141,000 after purchasing an additional 150 shares during the period. Capital Investment Advisory Services LLC increased its stake in Adobe by 9.7% during the fourth quarter. Capital Investment Advisory Services LLC now owns 2,004 shares of the software company’s stock worth $891,000 after purchasing an additional 178 shares during the period. Finally, Cibc World Market Inc. increased its stake in Adobe by 31.7% during the fourth quarter. Cibc World Market Inc. now owns 59,877 shares of the software company’s stock worth $26,626,000 after purchasing an additional 14,429 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ADBE shares. Mizuho cut their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company cut their price objective on Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. BMO Capital Markets cut their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Citigroup cut their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Finally, Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Performance

Shares of Adobe stock opened at $414.76 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average is $379.10 and its two-hundred day moving average is $428.70. The firm has a market capitalization of $176.77 billion, a P/E ratio of 33.45, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the firm posted $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.16% of the company’s stock.

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.