Adobe Inc. (NASDAQ:ADBE) Stake Cut by Adell Harriman & Carpenter Inc.

Adell Harriman & Carpenter Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,935 shares of the software company's stock after selling 830 shares during the quarter. Adell Harriman & Carpenter Inc.'s holdings in Adobe were worth $2,276,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Concurrent Investment Advisors LLC boosted its stake in shares of Adobe by 9.7% in the first quarter. Concurrent Investment Advisors LLC now owns 4,656 shares of the software company's stock worth $1,786,000 after acquiring an additional 413 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. boosted its stake in shares of Adobe by 15.5% in the first quarter. Generali Investments CEE investicni spolecnost a.s. now owns 9,675 shares of the software company's stock worth $3,711,000 after acquiring an additional 1,297 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Adobe in the first quarter worth approximately $88,000. Finally, Ceera Investments LLC boosted its stake in shares of Adobe by 48.6% in the first quarter. Ceera Investments LLC now owns 15,726 shares of the software company's stock worth $6,031,000 after acquiring an additional 5,141 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. Bank of America boosted their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. UBS Group boosted their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Citigroup decreased their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Trading Down 0.6%

Shares of NASDAQ ADBE traded down $2.38 during midday trading on Monday, hitting $376.93. The stock had a trading volume of 3,542,960 shares, compared to its average volume of 3,433,287. The company has a fifty day moving average price of $396.25 and a 200 day moving average price of $407.34. The company has a market capitalization of $159.89 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.80 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the business earned $4.48 EPS. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.