Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cadinha & Co. LLC

Cadinha & Co. LLC cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 70.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 804 shares of the software company's stock after selling 1,885 shares during the period. Cadinha & Co. LLC's holdings in Adobe were worth $308,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Versant Capital Management Inc increased its stake in shares of Adobe by 356.9% during the 1st quarter. Versant Capital Management Inc now owns 1,887 shares of the software company's stock worth $724,000 after purchasing an additional 1,474 shares in the last quarter. Jacobs & Co. CA increased its stake in shares of Adobe by 2.8% during the 1st quarter. Jacobs & Co. CA now owns 38,122 shares of the software company's stock worth $14,621,000 after purchasing an additional 1,032 shares in the last quarter. Centre Asset Management LLC acquired a new stake in Adobe during the first quarter worth approximately $8,727,000. Hobart Private Capital LLC boosted its position in Adobe by 70.7% during the first quarter. Hobart Private Capital LLC now owns 1,164 shares of the software company's stock worth $446,000 after acquiring an additional 482 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in Adobe by 2.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 72,002 shares of the software company's stock worth $27,615,000 after acquiring an additional 1,698 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.3%

Shares of ADBE traded up $1.40 during midday trading on Friday, hitting $414.76. The company had a trading volume of 4,229,413 shares, compared to its average volume of 3,422,194. The company's 50 day moving average price is $379.10 and its 200 day moving average price is $428.70. The stock has a market cap of $176.77 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. DA Davidson decreased their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Mizuho decreased their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Bank of America decreased their price target on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Finally, Robert W. Baird decreased their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average price target of $502.88.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.16% of the company's stock.

Adobe 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.