Relyea Zuckerberg Hanson LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Relyea Zuckerberg Hanson LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% during the first quarter, Holdings Channel reports. The fund owned 1,337 shares of the software company’s stock after selling 29 shares during the period. Relyea Zuckerberg Hanson LLC’s holdings in Adobe were worth $513,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Osprey Private Wealth LLC increased its holdings in Adobe by 21.2% in the first quarter. Osprey Private Wealth LLC now owns 8,522 shares of the software company’s stock valued at $3,268,000 after buying an additional 1,490 shares during the last quarter. NorthCrest Asset Manangement LLC increased its holdings in Adobe by 10.8% in the first quarter. NorthCrest Asset Manangement LLC now owns 30,402 shares of the software company’s stock valued at $11,660,000 after buying an additional 2,966 shares during the last quarter. Sky Investment Group LLC increased its holdings in Adobe by 1.1% in the first quarter. Sky Investment Group LLC now owns 5,142 shares of the software company’s stock valued at $1,972,000 after buying an additional 56 shares during the last quarter. GraniteShares Advisors LLC increased its holdings in Adobe by 4.3% in the first quarter. GraniteShares Advisors LLC now owns 3,323 shares of the software company’s stock valued at $1,274,000 after buying an additional 138 shares during the last quarter. Finally, RFG Holdings Inc. increased its holdings in Adobe by 25.2% in the first quarter. RFG Holdings Inc. now owns 1,796 shares of the software company’s stock valued at $689,000 after buying an additional 362 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.2%

Shares of Adobe stock opened at $413.68 on Friday. 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 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $176.31 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a 50-day moving average of $385.73 and a two-hundred day moving average of $422.64.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. Stifel Nicolaus decreased their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Mizuho decreased their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. UBS Group upped 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. Finally, Jefferies Financial Group decreased their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $503.33.

Insiders Place Their Bets

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.16% of the stock is owned by corporate insiders.

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.