Adell Harriman & Carpenter Inc. Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Adell Harriman & Carpenter Inc. lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Copia Wealth Management bought a new stake in Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC bought a new position in shares of Adobe in the 4th quarter valued at about $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the 1st quarter valued at about $26,000. Summit Securities Group LLC bought a new position in Adobe during the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new position in Adobe during the fourth quarter worth about $36,000. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Mizuho cut their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and cut their price objective for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Stock Down 0.6%

Shares of NASDAQ ADBE traded down $2.38 during trading on Monday, hitting $376.93. 3,494,184 shares of the company traded hands, compared to its average volume of 3,433,269. The business's fifty day moving average is $396.09 and its 200 day moving average is $407.83. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market capitalization of $159.89 billion, a price-to-earnings ratio of 24.12, a P/E/G ratio of 1.80 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the business posted $4.48 EPS. The firm's revenue was up 10.6% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company Profile

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.