Adobe Inc. (NASDAQ:ADBE) Shares Sold by Adell Harriman & Carpenter Inc.

Adell Harriman & Carpenter Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares during the period. Bank of New York Mellon Corp increased its holdings in Adobe by 14.4% in the 1st 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 buying an additional 821,293 shares during the period. Norges Bank acquired a new position in Adobe in the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after buying an additional 600,146 shares during the period. Finally, Northern Trust Corp increased its holdings in Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADBE. Evercore ISI reaffirmed an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Robert W. Baird raised their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. DA Davidson reaffirmed a "buy" rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Jefferies Financial Group dropped their price objective 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 investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $480.08.

Adobe Trading Up 0.3%

ADBE traded up $1.09 on Friday, hitting $379.56. The company had a trading volume of 2,863,680 shares, compared to its average volume of 3,432,840. The firm has a market cap of $161.01 billion, a P/E ratio of 24.28, a PEG ratio of 1.80 and a beta of 1.51. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company's fifty day moving average price is $396.09 and its 200 day moving average price is $407.83. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.48 earnings per share. As a group, equities analysts expect 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.