BLB&B Advisors LLC Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

BLB&B Advisors LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 3,247 shares of the software company’s stock after selling 204 shares during the quarter. BLB&B Advisors LLC’s holdings in Adobe were worth $1,245,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Garde Capital Inc. purchased a new position in shares of Adobe in the 1st quarter worth $34,000. Arizona State Retirement System boosted its stake in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares during the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe in the 4th quarter worth $1,173,000. Sound Income Strategies LLC lifted its position in Adobe by 17.6% during the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock valued at $118,000 after purchasing an additional 46 shares in the last quarter. Finally, Horan Capital Advisors LLC. lifted its position in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after purchasing an additional 114 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wells Fargo & Company reiterated an “overweight” rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Citigroup lowered their target price on Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. Royal Bank Of Canada reiterated an “outperform” rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Finally, Stifel Nicolaus decreased their price target on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $496.75.

Adobe Trading Up 0.3%

Shares of NASDAQ ADBE opened at $386.88 on Tuesday. The business’s 50 day moving average is $394.10 and its two-hundred day moving average is $409.69. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock has a market capitalization of $164.11 billion, a P/E ratio of 24.75, a PEG ratio of 1.83 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts expect 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.