Adobe Inc. (NASDAQ:ADBE) Shares Sold by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 31.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,232 shares of the software company’s stock after selling 2,417 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Adobe were worth $2,007,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ADBE. Geode Capital Management LLC boosted its stake in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Norges Bank purchased a new position in Adobe during the fourth quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp grew its position in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC increased its stake in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $382.34 on Wednesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The firm has a market cap of $162.95 billion, a P/E ratio of 24.46, a PEG ratio of 1.80 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock’s 50 day moving average price is $390.90 and its 200 day moving average price is $414.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the company posted $4.48 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research analyst reports. Robert W. Baird lifted their price objective on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a report on Monday, June 16th. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $496.75.

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.