PAX Financial Group LLC Sells 971 Shares of Adobe Inc. (NASDAQ:ADBE)

PAX Financial Group LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 63.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 562 shares of the software company’s stock after selling 971 shares during the period. PAX Financial Group LLC’s holdings in Adobe were worth $216,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH increased its position in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring 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 position in shares of Adobe during the 4th quarter worth $28,000. Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter worth $28,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.8%

Shares of ADBE stock opened at $364.18 on Wednesday. The stock has a market cap of $154.49 billion, a P/E ratio of 23.30, a PEG ratio of 1.74 and a beta of 1.51. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company’s fifty day simple moving average is $395.36 and its two-hundred day simple moving average is $404.39.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.48 EPS. Analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Stifel Nicolaus dropped their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. Jefferies Financial Group dropped their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Bank of America lifted their target price on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, June 13th. BMO Capital Markets restated an “outperform” rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Finally, Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $473.88.

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.