Adobe Inc. (NASDAQ:ADBE) Stake Reduced by Barlow Wealth Partners Inc.

by · The Markets Daily

Barlow Wealth Partners Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 19.5% in the first quarter, Holdings Channel.com reports. The fund owned 33,846 shares of the software company’s stock after selling 8,174 shares during the quarter. Adobe comprises about 1.6% of Barlow Wealth Partners Inc.’s holdings, making the stock its 29th biggest position. Barlow Wealth Partners Inc.’s holdings in Adobe were worth $12,446,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Garde Capital Inc. purchased a new stake in shares of Adobe during the 1st quarter worth about $34,000. Arizona State Retirement System raised its holdings in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC acquired a new stake in Adobe during the fourth quarter worth $1,173,000. Krane Funds Advisors LLC increased its stake in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after acquiring an additional 730 shares during the period. Finally, Summit Trail Advisors LLC grew its stake in shares of Adobe by 36.2% in the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company’s stock valued at $3,728,000 after purchasing an additional 2,583 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wells Fargo & Company restated an “overweight” rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Redburn Atlantic downgraded Adobe from a “hold” rating to a “strong sell” rating and dropped their price target for the company from $420.00 to $280.00 in a research note on Wednesday. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Citigroup lowered their target price on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a report on Monday, June 16th. Finally, Oppenheimer decreased their target price on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $480.08.

Check Out Our Latest Stock Analysis on ADBE

Adobe Price Performance

Shares of NASDAQ ADBE opened at $378.47 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market cap of $160.55 billion, a PE ratio of 24.21, a price-to-earnings-growth ratio of 1.86 and a beta of 1.51. The stock has a fifty day moving average of $395.48 and a 200-day moving average of $409.36.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current 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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