Valmark Advisers Inc. Sells 291 Shares of Adobe Inc. (NASDAQ:ADBE)

Valmark Advisers Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,774 shares of the software company’s stock after selling 291 shares during the period. Valmark Advisers Inc.’s holdings in Adobe were worth $680,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH boosted its holdings in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new stake in shares of Adobe during the 4th quarter valued at $28,000. Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter valued at $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the 4th quarter valued at $31,000. Finally, Garde Capital Inc. bought a new stake in shares of Adobe during the 1st quarter valued at $34,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ADBE. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. JPMorgan Chase & Co. lowered their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Monday. Finally, Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $496.75.

Adobe Price Performance

NASDAQ ADBE opened at $382.34 on Wednesday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a market capitalization of $162.95 billion, a P/E ratio of 24.46, a PEG ratio of 1.80 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average price of $390.90 and a 200-day moving average price of $414.07.

Adobe (NASDAQ:ADBE) last released its quarterly 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 firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.