Coastline Trust Co Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Coastline Trust Co lessened its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 18.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,385 shares of the software company’s stock after selling 1,445 shares during the quarter. Coastline Trust Co’s holdings in Adobe were worth $2,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Copia Wealth Management purchased a new stake in Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC bought a new position in shares of Adobe during the 4th quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Adobe during the 1st quarter worth approximately $26,000. Summit Securities Group LLC purchased a new position in Adobe in the fourth quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. bought a new position in Adobe during the fourth quarter valued at $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 1.3%

Shares of NASDAQ ADBE opened at $392.10 on Wednesday. The stock has a market capitalization of $166.33 billion, a P/E ratio of 25.09, a PEG ratio of 1.83 and a beta of 1.51. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm’s 50 day simple moving average is $394.95 and its two-hundred day simple moving average is $409.57. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE – Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating 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 net margin of 30.39% and a return on equity of 53.68%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company reiterated an “overweight” rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. Jefferies Financial Group reduced their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $488.08.

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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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