Korea Investment CORP Trims Holdings in Adobe Inc. $ADBE

Korea Investment CORP lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 350,705 shares of the software company’s stock after selling 935 shares during the quarter. Korea Investment CORP’s holdings in Adobe were worth $134,506,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Garde Capital Inc. acquired a new stake in Adobe during the 1st quarter worth approximately $34,000. PFG Advisors increased its position in Adobe by 20.8% during the 1st quarter. PFG Advisors now owns 4,964 shares of the software company’s stock worth $1,904,000 after purchasing an additional 855 shares in the last quarter. Krane Funds Advisors LLC increased its position in Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock worth $533,000 after purchasing an additional 730 shares in the last quarter. Burling Wealth Partners LLC acquired a new stake in Adobe during the 4th quarter worth approximately $1,173,000. Finally, Financial Counselors Inc. increased its position in Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock worth $24,105,000 after purchasing an additional 5,298 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $354.85 on Monday. The company has a market capitalization of $150.53 billion, a P/E ratio of 22.70, a PEG ratio of 1.68 and a beta of 1.51. The company has a 50-day simple moving average of $371.84 and a 200 day simple moving average of $392.13. Adobe Inc. has a fifty-two week low of $330.04 and a fifty-two week high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on ADBE shares. Melius downgraded shares of Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price for the company. in a research report on Monday, August 11th. DA Davidson reissued a “buy” rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Wells Fargo & Company reissued an “overweight” rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Finally, Redburn Atlantic downgraded shares of Adobe from a “hold” rating to a “strong sell” rating and lowered their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $467.58.

Adobe 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.