Quintet Private Bank Europe S.A. Sells 1,221 Shares of Adobe Inc. (NASDAQ:ADBE)

Quintet Private Bank Europe S.A. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,915 shares of the software company’s stock after selling 1,221 shares during the quarter. Adobe makes up 1.8% of Quintet Private Bank Europe S.A.’s investment portfolio, making the stock its 21st largest holding. Quintet Private Bank Europe S.A.’s holdings in Adobe were worth $29,883,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Copia Wealth Management purchased a new position in Adobe in the 4th quarter valued at approximately $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $31,000. Bernard Wealth Management Corp. bought a new position in Adobe in the fourth quarter valued at $36,000. Finally, Mascoma Wealth Management LLC lifted its position in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE opened at $413.68 on Friday. The stock has a market cap of $176.31 billion, a P/E ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm’s fifty day simple moving average is $385.73 and its 200 day simple moving average is $422.64. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the company posted $4.48 EPS. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Oppenheimer decreased their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Mizuho reduced their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Wells Fargo & Company cut their price target on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $503.33.

Insider Buying and Selling

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by 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.