Kintegral Advisory LLC Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Kintegral Advisory LLC lessened its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 32.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,921 shares of the software company’s stock after selling 4,867 shares during the quarter. Kintegral Advisory LLC’s holdings in Adobe were worth $3,805,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC grew its stake in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares during the period. Two Sigma Advisers LP raised its stake in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Adobe in the fourth quarter valued at $365,750,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.3%

ADBE opened at $379.56 on Friday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $161.01 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.79 and a beta of 1.51. The business’s 50-day simple moving average is $395.85 and its 200-day simple moving average is $408.79.

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

Analysts Set New Price Targets

Several brokerages have weighed in on ADBE. Evercore ISI restated an “outperform” rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Citigroup cut their target price 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. Redburn Atlantic cut shares of Adobe from a “hold” rating to a “strong sell” rating and reduced their target price for the company from $420.00 to $280.00 in a report on Wednesday. Morgan Stanley decreased their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a research report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $480.08.

Read Our Latest Research Report on ADBE

Adobe Profile

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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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