Adobe Inc. (NASDAQ:ADBE) Shares Sold by Certified Advisory Corp

Certified Advisory Corp lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 921 shares of the software company’s stock after selling 109 shares during the quarter. Certified Advisory Corp’s holdings in Adobe were worth $353,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Brighton Jones LLC grew its position in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG increased its stake in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after buying an additional 756 shares during the period. OneAscent Financial Services LLC raised its position in Adobe by 25.3% during the 4th quarter. OneAscent Financial Services LLC now owns 1,034 shares of the software company’s stock worth $460,000 after buying an additional 209 shares during the last quarter. Arete Wealth Advisors LLC raised its holdings in Adobe by 81.8% during the fourth quarter. Arete Wealth Advisors LLC now owns 3,629 shares of the software company’s stock worth $1,615,000 after purchasing an additional 1,633 shares in the last quarter. Finally, Provident Investment Management Inc. raised its stake in shares of Adobe by 3.8% during the 4th quarter. Provident Investment Management Inc. now owns 69,173 shares of the software company’s stock worth $30,760,000 after buying an additional 2,521 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 2.8%

Shares of ADBE opened at $347.80 on Friday. The firm has a market capitalization of $147.54 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 1.70 and a beta of 1.52. 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’s fifty day simple moving average is $385.72 and its 200 day simple moving average is $399.07. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates 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 business earned $4.48 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Mizuho dropped their target price on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, UBS Group increased their price target 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $473.88.

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.