Alliance Wealth Advisors LLC UT Sells 689 Shares of Adobe Inc. (NASDAQ:ADBE)

Alliance Wealth Advisors LLC UT reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,948 shares of the software company’s stock after selling 689 shares during the quarter. Alliance Wealth Advisors LLC UT’s holdings in Adobe were worth $3,048,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH increased its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe during the first quarter worth approximately $26,000. SWAN Capital LLC bought a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management bought a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. Finally, HHM Wealth Advisors LLC bought a new position in shares of Adobe during the first quarter valued at approximately $30,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.8%

Adobe stock opened at $354.85 on Friday. The business has a fifty day moving average of $371.84 and a two-hundred day moving average of $392.84. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market cap of $150.53 billion, a P/E ratio of 22.70, a P/E/G ratio of 1.65 and a beta of 1.51. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the business posted $4.48 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. UBS Group upped their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Bank of America upped their target price on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, June 13th. Piper Sandler cut their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Mizuho cut their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $467.58.

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.