Patton Albertson Miller Group LLC has decreased its stake in Adobe Inc. (NASDAQ: ADBE) by 27.2% during the first quarter of 2024, according to a report from Holdings Channel. Following the sale of 3,626 shares, the firm now holds 9,718 shares of the software company, valued at approximately $3.73 million based on its latest filing with the Securities and Exchange Commission (SEC).
This adjustment comes as part of a broader trend among institutional investors, many of whom are reassessing their positions in Adobe. Notably, Siemens Fonds Invest GmbH has increased its holdings by an impressive 252.9% during the fourth quarter, acquiring an additional 39,888 shares to reach a total of 55,658 shares, now valued at $25,000. In contrast, Barnes Dennig Private Wealth Management LLC and SWAN Capital LLC have both recently entered the market with new stakes worth $26,000 and $28,000, respectively.
Recent Analyst Activity and Stock Performance
Adobe has been a focal point for analysts, with various reports influencing market perceptions. UBS Group raised its price target for Adobe shares from $380.00 to $430.00 while maintaining a “neutral” rating. Conversely, Redburn Atlantic downgraded the stock from a “hold” to a “strong sell” rating, adjusting its price target from $420.00 to $280.00.
As of today, Adobe shares opened at $366.45, with a one-year range between a low of $332.01 and a high of $587.75. The company boasts a market capitalization of $155.45 billion, with a price-to-earnings (P/E) ratio of 23.45. The stock’s performance is further illustrated by a 50-day simple moving average of $394.55 and a two-hundred day moving average of $403.55.
Adobe’s recent earnings report, announced on June 12, 2024, revealed earnings per share (EPS) of $5.06, surpassing analysts’ expectations of $4.97. The company’s revenue for the quarter reached $5.87 billion, exceeding projected figures of $5.80 billion. Year-over-year, revenue showed a growth of 10.6%, reflecting Adobe’s solid market position.
Institutional Ownership and Future Outlook
Currently, institutional investors and hedge funds collectively hold 81.79% of Adobe’s stock, underscoring the significant institutional interest in the company. Analyst consensus indicates a moderate buy rating, with an average target price of $473.88.
As Adobe continues to evolve, the software giant remains a critical player in its sector, operating across three primary segments: Digital Media, Digital Experience, and Publishing and Advertising. Its diverse offerings enable users to create, publish, and promote content effectively through its Document Cloud platform.
For those tracking hedge fund movements, detailed information regarding Adobe’s institutional ownership is available through platforms like HoldingsChannel.com.
