Kornitzer Capital Management Inc. KS Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Kornitzer Capital Management Inc. KS trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 21.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,440 shares of the software company’s stock after selling 2,079 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Adobe were worth $2,853,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its position in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe in the 1st quarter worth approximately $26,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter valued at approximately $28,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe in the fourth quarter valued at $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADBE. Redburn Atlantic cut shares of Adobe from a “hold” rating to a “strong sell” rating and dropped their price objective for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Morgan Stanley dropped their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company reissued an “overweight” rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Royal Bank Of Canada restated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $473.88.

Adobe Stock Performance

Shares of Adobe stock opened at $364.18 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock’s fifty day moving average price is $395.36 and its 200-day moving average price is $404.39. The firm has a market cap of $154.49 billion, a P/E ratio of 23.30, a P/E/G ratio of 1.74 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the firm posted $4.48 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.