Forum Financial Management LP Sells 211 Shares of Adobe Inc. (NASDAQ:ADBE)

Forum Financial Management LP lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.0% during the first quarter, HoldingsChannel reports. The fund owned 4,041 shares of the software company’s stock after selling 211 shares during the quarter. Forum Financial Management LP’s holdings in Adobe were worth $1,550,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Siemens Fonds Invest GmbH lifted its position in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the 1st quarter valued at about $26,000. SWAN Capital LLC acquired a new position in Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management acquired a new position in Adobe during the 4th quarter valued at about $28,000. Finally, Summit Securities Group LLC acquired a new position in Adobe during the 4th quarter valued at about $31,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $361.77 on Thursday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The business’s 50 day moving average price is $394.90 and its two-hundred day moving average price is $404.10. The firm has a market cap of $153.46 billion, a PE ratio of 23.15, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ADBE shares. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Stifel Nicolaus cut their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday, June 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $473.88.

About Adobe

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.