Investor s Fiduciary Advisor Network LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Investor s Fiduciary Advisor Network LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 46.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 879 shares of the software company’s stock after selling 753 shares during the period. Investor s Fiduciary Advisor Network LLC’s holdings in Adobe were worth $337,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Adobe during the fourth quarter worth $2,553,035,000. GAMMA Investing LLC increased its position in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares in the last quarter. Two Sigma Advisers LP increased its position in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after buying an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Adobe during the fourth quarter worth $365,750,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ADBE shares. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Royal Bank Of Canada reissued an “outperform” rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research report on Monday, June 9th. Robert W. Baird raised 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. Finally, Rothschild & Co Redburn cut Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective on the stock. in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $480.08.

Adobe Stock Performance

NASDAQ ADBE opened at $379.56 on Friday. The firm has a market capitalization of $161.01 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.80 and a beta of 1.51. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business’s 50-day simple moving average is $396.09 and its 200-day simple moving average is $408.04.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.48 EPS. Equities analysts predict that Adobe Inc. will post 16.65 EPS 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.