Keeler Thomas Management LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Keeler Thomas Management LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 70.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,096 shares of the software company’s stock after selling 4,886 shares during the period. Keeler Thomas Management LLC’s holdings in Adobe were worth $804,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Copia Wealth Management purchased a new position in Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC purchased a new position in Adobe in the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe during the 1st quarter valued at $26,000. HHM Wealth Advisors LLC bought a new stake in shares of Adobe in the 1st quarter worth $30,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of Adobe in the fourth quarter worth $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE stock opened at $345.62 on Thursday. The stock’s 50-day simple moving average is $381.52 and its 200-day simple moving average is $397.33. The firm has a market capitalization of $146.61 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 1.61 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

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

Analysts Set New Price Targets

Several research firms have recently weighed in on ADBE. Redburn Atlantic cut Adobe from a “hold” rating to a “strong sell” rating and lowered their price target for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Robert W. Baird upped their price target on shares of Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $473.88.

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.