Flossbach Von Storch AG Cuts Position in Adobe Inc (NASDAQ:ADBE)

Flossbach Von Storch AG trimmed its position in shares of Adobe Inc (NASDAQ:ADBE) by 1.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 320,876 shares of the software company’s stock after selling 3,151 shares during the period. Adobe comprises about 0.7% of Flossbach Von Storch AG’s portfolio, making the stock its 27th biggest position. Flossbach Von Storch AG owned 0.07% of Adobe worth $102,116,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Stephenson National Bank & Trust acquired a new position in Adobe in the fourth quarter valued at approximately $25,000. Sowa Financial Group Inc. acquired a new position in Adobe in the fourth quarter valued at approximately $26,000. Lion Street Advisors LLC acquired a new position in Adobe in the first quarter valued at approximately $25,000. Solstein Capital LLC acquired a new position in Adobe in the fourth quarter valued at approximately $27,000. Finally, Laurel Wealth Advisors LLC boosted its holdings in Adobe by 50.0% in the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after purchasing an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 85.98% of the company’s stock.

Shares of ADBE stock traded up $3.09 during mid-day trading on Friday, reaching $385.26. The stock had a trading volume of 1,627,227 shares, compared to its average volume of 2,763,171. Adobe Inc has a 12-month low of $255.13 and a 12-month high of $386.74. The company has a market cap of $184.13 billion, a P/E ratio of 58.37, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90. The business has a 50-day simple moving average of $342.06 and a 200 day simple moving average of $332.10. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.39.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.04. Adobe had a return on equity of 33.54% and a net margin of 27.72%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter last year, the business posted $1.71 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts anticipate that Adobe Inc will post 8 EPS for the current year.

In related news, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $352.45, for a total transaction of $211,470.00. Following the completion of the sale, the executive vice president now owns 12,817 shares in the company, valued at approximately $4,517,351.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Ann Lewnes sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $306.97, for a total value of $1,534,850.00. Following the completion of the sale, the chief marketing officer now directly owns 59,565 shares in the company, valued at $18,284,668.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,298 shares of company stock valued at $4,025,976. 0.31% of the stock is currently owned by company insiders.

A number of equities analysts recently issued reports on ADBE shares. Morgan Stanley upped their price target on Adobe from $366.00 to $375.00 and gave the company an “overweight” rating in a report on Wednesday, March 25th. Oppenheimer increased their price objective on Adobe from $375.00 to $410.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. Wells Fargo & Co decreased their price objective on Adobe from $345.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, March 13th. Jefferies Financial Group decreased their price objective on Adobe from $385.00 to $370.00 and set a “buy” rating for the company in a report on Friday, March 13th. Finally, Royal Bank of Canada decreased their price objective on Adobe from $345.00 to $325.00 in a report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $342.54.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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