Adobe Inc. (NASDAQ:ADBE) Shares Sold by Neuberger Berman Group LLC

Neuberger Berman Group LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 17.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 119,845 shares of the software company’s stock after selling 26,137 shares during the quarter. Neuberger Berman Group LLC’s holdings in Adobe were worth $45,964,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH increased its holdings in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the first quarter valued at approximately $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new stake in Adobe during the fourth quarter worth $28,000. Finally, HHM Wealth Advisors LLC acquired a new stake in Adobe during the first quarter worth $30,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 3.7%

NASDAQ:ADBE opened at $351.07 on Thursday. The firm has a market cap of $148.92 billion, a PE ratio of 22.46, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. The stock has a fifty day moving average price of $374.41 and a 200 day moving average price of $394.07. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during 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%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $4.48 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Mizuho cut their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. Melius cut Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price for the company. in a research note on Monday. Finally, Melius Research raised Adobe to a “strong sell” rating in a research note on Monday. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $467.58.

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.