GK Wealth Management LLC Has $362,000 Stock Holdings in Adobe Inc. $ADBE

GK Wealth Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 945 shares of the software company’s stock after selling 47 shares during the period. GK Wealth Management LLC’s holdings in Adobe were worth $362,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Garde Capital Inc. bought a new position in Adobe during the 1st quarter worth approximately $34,000. PFG Advisors raised its holdings 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 during the last quarter. Krane Funds Advisors LLC raised its holdings 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 during the last quarter. Financial Counselors Inc. raised its holdings 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 during the last quarter. Finally, Koss Olinger Consulting LLC bought a new position in Adobe during the 1st quarter worth approximately $305,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $350.16 on Thursday. The company has a fifty day simple moving average of $358.50 and a 200 day simple moving average of $381.10. 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. The company has a market cap of $148.54 billion, a P/E ratio of 22.40, a PEG ratio of 1.68 and a beta of 1.48.

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Redburn Partners set a $280.00 price objective on shares of Adobe in a research note on Monday, September 1st. BMO Capital Markets reiterated an “outperform” rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. DA Davidson reiterated a “buy” rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Finally, Bank of America lifted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, June 13th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $446.74.

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.