Dover Advisors LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Dover Advisors LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 19.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,956 shares of the software company’s stock after selling 470 shares during the quarter. Dover Advisors LLC’s holdings in Adobe were worth $750,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Copia Wealth Management purchased a new stake in Adobe in the 4th quarter valued at $28,000. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter valued at $28,000. Summit Securities Group LLC purchased a new stake in Adobe in the 4th quarter valued at $31,000. Bernard Wealth Management Corp. purchased a new stake in Adobe in the 4th quarter valued at $36,000. Finally, Mascoma Wealth Management LLC grew its holdings in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADBE. Morgan Stanley dropped their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Redburn Atlantic began coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a report on Friday. Citigroup upped their price target on Adobe from $430.00 to $465.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $391.68 on Friday. The stock has a 50-day simple moving average of $386.76 and a 200-day simple moving average of $421.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $166.93 billion, a PE ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

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

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.