Kirtland Hills Capital Management LLC Sells 33 Shares of Adobe Inc. (NASDAQ:ADBE)

Kirtland Hills Capital Management LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 2.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,239 shares of the software company’s stock after selling 33 shares during the period. Kirtland Hills Capital Management LLC’s holdings in Adobe were worth $432,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of ADBE. Garde Capital Inc. bought a new position in Adobe in the first quarter valued at about $34,000. PFG Advisors grew its position in Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company’s stock valued at $1,904,000 after acquiring an additional 855 shares during the last quarter. Krane Funds Advisors LLC grew its position in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new position in Adobe in the fourth quarter valued at about $1,173,000. Finally, Financial Counselors Inc. grew its position in Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock valued at $24,105,000 after acquiring an additional 5,298 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on ADBE shares. Rothschild & Co Redburn cut Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price on the stock. in a research report on Wednesday, July 2nd. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. BMO Capital Markets reiterated an “outperform” rating and issued a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Citigroup decreased their target price on Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. Finally, Bank of America boosted their price target on Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $473.88.

Adobe Stock Performance

Shares of ADBE opened at $369.47 on Tuesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $156.73 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The firm’s fifty day simple moving average is $389.99 and its two-hundred day simple moving average is $400.32. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts’ consensus estimates 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 prior year, the firm posted $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.