Berger Financial Group Inc Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Berger Financial Group Inc cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 60.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 979 shares of the software company’s stock after selling 1,499 shares during the quarter. Berger Financial Group Inc’s holdings in Adobe were worth $375,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Cadence Bank increased its position in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after acquiring an additional 22 shares during the period. Eagle Strategies LLC increased its position in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC boosted its stake in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Orin Green Financial LLC boosted its stake in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after purchasing an additional 23 shares in the last quarter. Finally, Diligent Investors LLC boosted its stake in shares of Adobe by 1.2% during the fourth quarter. Diligent Investors LLC now owns 2,160 shares of the software company’s stock valued at $961,000 after purchasing an additional 26 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Up 0.8%

NASDAQ ADBE opened at $341.05 on Monday. The company has a fifty day simple moving average of $378.55 and a two-hundred day simple moving average of $395.47. The stock has a market cap of $144.67 billion, a P/E ratio of 21.82, a P/E/G ratio of 1.62 and a beta of 1.51. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last issued 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 firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter last year, the company posted $4.48 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ADBE shares. Redburn Atlantic downgraded shares of Adobe from a “hold” rating to a “strong sell” rating and dropped their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. UBS Group increased their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. BMO Capital Markets reiterated an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Robert W. Baird increased their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research note on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.