Congress Asset Management Co. Has $6.13 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Congress Asset Management Co. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 45.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,992 shares of the software company’s stock after selling 13,564 shares during the period. Congress Asset Management Co.’s holdings in Adobe were worth $6,133,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Radnor Capital Management LLC acquired a new stake in Adobe in the first quarter valued at approximately $1,813,000. Pines Wealth Management LLC raised its stake in shares of Adobe by 16.1% during the first quarter. Pines Wealth Management LLC now owns 2,197 shares of the software company’s stock valued at $843,000 after acquiring an additional 305 shares during the last quarter. Eagle Rock Investment Company LLC raised its stake in shares of Adobe by 2.1% during the first quarter. Eagle Rock Investment Company LLC now owns 17,985 shares of the software company’s stock valued at $6,898,000 after acquiring an additional 372 shares during the last quarter. Procyon Advisors LLC raised its stake in shares of Adobe by 17.0% during the first quarter. Procyon Advisors LLC now owns 6,699 shares of the software company’s stock valued at $2,569,000 after acquiring an additional 972 shares during the last quarter. Finally, Davis Capital Management raised its stake in shares of Adobe by 23.0% during the first quarter. Davis Capital Management now owns 3,567 shares of the software company’s stock valued at $1,368,000 after acquiring an additional 666 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADBE. Oppenheimer dropped their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $480.00 price target on shares of Adobe in a research note on Thursday. Bank of America dropped their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Stock Up 0.4%

Shares of NASDAQ ADBE opened at $416.92 on Monday. The stock has a market capitalization of $177.69 billion, a P/E ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a 50-day moving average price of $381.41 and a 200-day moving average price of $424.16. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the company earned $4.48 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

Adobe Company Profile

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.