Stratos Wealth Advisors LLC Sells 2,597 Shares of Adobe Inc. (NASDAQ:ADBE)

Stratos Wealth Advisors LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 12.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,068 shares of the software company’s stock after selling 2,597 shares during the period. Stratos Wealth Advisors LLC’s holdings in Adobe were worth $6,930,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADBE. Brighton Jones LLC boosted its holdings in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after buying an additional 756 shares in the last quarter. GHE LLC boosted its holdings in shares of Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company’s stock valued at $10,484,000 after buying an additional 670 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock valued at $1,043,000 after buying an additional 1,083 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Adobe by 11.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company’s stock valued at $114,879,000 after buying an additional 25,543 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $376.93 on Tuesday. The business’s 50 day moving average price is $396.25 and its 200-day moving average price is $407.34. 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 $159.89 billion, a PE ratio of 24.12, a P/E/G ratio of 1.80 and a beta of 1.51.

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, topping 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 company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Wells Fargo & Company reissued an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. 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. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $480.08.

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.