Hollencrest Capital Management Sells 612 Shares of Adobe Inc. (NASDAQ:ADBE)

Hollencrest Capital Management lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,304 shares of the software company’s stock after selling 612 shares during the period. Hollencrest Capital Management’s holdings in Adobe were worth $2,418,000 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 the stock. Sepio Capital LP boosted its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank boosted its position in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC boosted its position in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC boosted its position in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC raised its holdings in shares of Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after acquiring an additional 23 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE opened at $364.81 on Friday. The firm has a market cap of $154.75 billion, a price-to-earnings ratio of 23.38, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The company has a 50 day moving average price of $394.55 and a 200-day moving average price of $403.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the business earned $4.48 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Redburn Atlantic lowered shares of Adobe from a “hold” rating to a “strong sell” rating and decreased their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. Robert W. Baird raised their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a report on Monday, June 16th. Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $473.88.

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.