Verdence Capital Advisors LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Verdence Capital Advisors LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 17.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,029 shares of the software company’s stock after selling 841 shares during the period. Verdence Capital Advisors LLC’s holdings in Adobe were worth $1,545,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Brighton Jones LLC grew its holdings 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 acquiring an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after buying an additional 756 shares during the last quarter. GHE LLC lifted its position in shares of Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company’s stock worth $10,484,000 after buying an additional 670 shares during the last quarter. Proficio Capital Partners LLC lifted its position in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after buying an additional 1,083 shares during the last quarter. Finally, GM Advisory Group LLC bought a new position in shares of Adobe in the 4th quarter worth about $355,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADBE. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Robert W. Baird lifted their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. Citigroup lowered their price objective on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Rothschild & Co Redburn cut shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective on the stock. in a research note on Wednesday, July 2nd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $473.88.

View Our Latest Stock Analysis on ADBE

Adobe Trading Up 1.3%

Shares of Adobe stock opened at $366.45 on Friday. The stock has a market capitalization of $155.45 billion, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. 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 company has a 50-day simple moving average of $394.55 and a 200 day simple moving average of $403.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 30.39% and a return on equity of 53.68%. The company’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

(Free Report)

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.

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