Interchange Capital Partners LLC Sells 122 Shares of Adobe Inc. (NASDAQ:ADBE)

Interchange Capital Partners LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,037 shares of the software company’s stock after selling 122 shares during the quarter. Interchange Capital Partners LLC’s holdings in Adobe were worth $781,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Garde Capital Inc. bought a new stake in Adobe in the first quarter worth $34,000. Krane Funds Advisors LLC lifted its position in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock worth $533,000 after buying an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new stake in Adobe in the fourth quarter worth $1,173,000. Summit Trail Advisors LLC lifted its position in Adobe by 36.2% in the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company’s stock worth $3,728,000 after buying an additional 2,583 shares during the last quarter. Finally, Fiduciary Group LLC lifted its position in Adobe by 19.9% in the first quarter. Fiduciary Group LLC now owns 6,168 shares of the software company’s stock worth $2,366,000 after buying an additional 1,022 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE opened at $379.56 on Monday. The business’s 50-day moving average is $396.09 and its two-hundred day moving average is $407.83. 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 firm has a market capitalization of $161.01 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last posted 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 company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the firm earned $4.48 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. 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 reiterated a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Evercore ISI reiterated an “outperform” rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Finally, Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $480.08.

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.