Adobe Inc. (NASDAQ:ADBE) Shares Sold by Aberdeen Group plc

Aberdeen Group plc reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 491,654 shares of the software company's stock after selling 128,098 shares during the period. Aberdeen Group plc owned approximately 0.12% of Adobe worth $187,151,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ADBE. Copia Wealth Management acquired a new stake in Adobe in the fourth quarter valued at $28,000. SWAN Capital LLC acquired a new stake in Adobe in the fourth quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe in the first quarter valued at $26,000. HHM Wealth Advisors LLC acquired a new stake in Adobe in the first quarter valued at $30,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Adobe in the fourth quarter valued at $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Melius cut Adobe from a "hold" rating to a "sell" rating and set a $310.00 target price on the stock. in a research report on Monday. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Bank of America boosted their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $467.58.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $348.58 on Friday. The business's 50 day simple moving average is $373.08 and its 200-day simple moving average is $393.45. The firm has a market capitalization of $147.87 billion, a price-to-earnings ratio of 22.30, a price-to-earnings-growth ratio of 1.66 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $587.75.

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

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