Bulltick Wealth Management LLC Has $5.94 Million Position in Adobe Inc. (NASDAQ:ADBE)

Bulltick Wealth Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 19.1% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 15,494 shares of the software company’s stock after selling 3,650 shares during the period. Adobe makes up 1.6% of Bulltick Wealth Management LLC’s investment portfolio, making the stock its 18th biggest holding. Bulltick Wealth Management LLC’s holdings in Adobe were worth $5,942,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Adobe by 0.4% during the first quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company’s stock valued at $15,779,895,000 after purchasing an additional 171,547 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock valued at $2,504,685,000 after acquiring an additional 821,293 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp raised its stake in Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after buying an additional 672,919 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock worth $1,754,954,000 after buying an additional 1,856,544 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several research reports. UBS Group boosted their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Stifel Nicolaus decreased their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday, June 13th. Rothschild & Co Redburn lowered shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price target on the stock. in a research report on Wednesday, July 2nd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $467.58.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $333.65 on Tuesday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a fifty day moving average price of $377.15 and a 200 day moving average price of $394.76. The firm has a market cap of $141.53 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 1.62 and a beta of 1.51.

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

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.