Golden State Wealth Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 29.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,186 shares of the software company’s stock after selling 495 shares during the period. Golden State Wealth Management LLC’s holdings in Adobe were worth $540,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in Adobe during the fourth quarter worth approximately $2,378,829,000. Castleview Partners LLC acquired a new stake in Adobe during the fourth quarter worth approximately $3,260,000. Flossbach Von Storch AG lifted its position in Adobe by 232.6% during the first quarter. Flossbach Von Storch AG now owns 1,800,423 shares of the software company’s stock worth $820,309,000 after acquiring an additional 1,259,101 shares during the last quarter. Polen Capital Management LLC lifted its position in Adobe by 22.5% during the first quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company’s stock worth $3,035,586,000 after acquiring an additional 1,222,654 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Adobe by 3.3% during the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock worth $21,279,818,000 after acquiring an additional 1,212,093 shares during the last quarter. Institutional investors and hedge funds own 80.75% of the company’s stock.
Adobe Stock Performance
Shares of Adobe stock opened at $371.52 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54. The stock has a market cap of $173.87 billion, a price-to-earnings ratio of 36.28, a P/E/G ratio of 2.17 and a beta of 1.14. The company’s fifty day moving average is $400.49 and its 200 day moving average is $410.76.
Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings data on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The company had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the previous year, the firm posted $2.56 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 10.98 EPS for the current year.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on ADBE. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research report on Thursday. Mizuho downgraded shares of Adobe from a “buy” rating to a “neutral” rating and dropped their price target for the company from $480.00 to $440.00 in a research report on Monday. UBS Group dropped their price target on shares of Adobe from $450.00 to $415.00 and set a “neutral” rating for the company in a research report on Friday, June 17th. Barclays dropped their price target on shares of Adobe from $445.00 to $440.00 and set an “overweight” rating for the company in a research report on Thursday, September 8th. Finally, KGI Securities assumed coverage on shares of Adobe in a research report on Friday, September 2nd. They issued a “neutral” rating for the company. Ten analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $488.15.
Insider Buying and Selling
In related news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the sale, the chief marketing officer now directly owns 23,988 shares in the company, valued at approximately $9,595,200. The disclosure for this sale can be found here. Insiders have sold a total of 3,637 shares of company stock valued at $1,438,682 over the last 90 days. 0.23% of the stock is owned by insiders.
Adobe Profile
Adobe Inc 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.
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