Golden State Wealth Management LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Golden State Wealth Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 67.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165 shares of the software company’s stock after selling 349 shares during the quarter. Golden State Wealth Management LLC’s holdings in Adobe were worth $63,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Adobe in the 4th quarter worth $2,553,035,000. GAMMA Investing LLC increased its holdings in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Adobe in the 4th quarter worth $365,750,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Up 0.3%

NASDAQ ADBE opened at $379.56 on Monday. The firm’s 50-day moving average is $396.09 and its two-hundred day moving average is $407.83. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $161.01 billion, a P/E ratio of 24.28, a PEG ratio of 1.80 and a beta of 1.51.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ADBE shares. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Rothschild & Co Redburn cut shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price on the stock. in a research note on Wednesday, July 2nd. UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research note on Monday, June 9th. Redburn Atlantic cut shares of Adobe from a “hold” rating to a “strong sell” rating and lowered their target price for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, Jefferies Financial Group lowered their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $480.08.

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.