Burr Financial Services LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Burr Financial Services LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 23.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,962 shares of the software company’s stock after selling 608 shares during the period. Adobe comprises approximately 0.6% of Burr Financial Services LLC’s holdings, making the stock its 18th largest holding. Burr Financial Services LLC’s holdings in Adobe were worth $752,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Sepio Capital LP grew its stake in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after acquiring an additional 22 shares in the last quarter. Cadence Bank boosted its holdings in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC grew its stake in Adobe by 1.5% in the fourth 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 grew its stake in Adobe by 0.4% in the fourth 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, Atlantic Edge Private Wealth Management LLC increased its holdings in Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after purchasing an additional 23 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $414.76 on Friday. The company has a 50 day moving average price of $379.10 and a 200 day moving average price of $427.98. The firm has a market capitalization of $176.77 billion, a P/E ratio of 33.45, a PEG ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the company posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Citigroup lowered their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Royal Bank of Canada lowered their price objective on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. Bank of America cut their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Oppenheimer lowered their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Mizuho dropped their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

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.