Goldstein Advisors LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Goldstein Advisors LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,383 shares of the software company’s stock after selling 70 shares during the period. Goldstein Advisors LLC’s holdings in Adobe were worth $530,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank bought a new stake in shares of Adobe during the 4th quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 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 valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp raised its stake in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC raised its stake in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ADBE shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe Price Performance

Shares of Adobe stock opened at $387.55 on Thursday. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $165.17 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 1.81 and a beta of 1.55. The business’s 50-day moving average price is $391.76 and its 200-day moving average price is $413.89. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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

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.