Ethic Inc. Lowers Position in Adobe Inc. $ADBE

Key Points

• Ethic Inc. has reduced its holdings in Adobe Inc. by 5.6%, now owning 43,199 shares valued at approximately $16.55 million.
• Adobe reported $5.06 earnings per share for the most recent quarter, exceeding analyst expectations, with revenue rising by 10.6% year-over-year.
• Analyst ratings for Adobe remain mixed, with four sell ratings, eight holds, and sixteen buys, while the average target price is $467.58.

Ethic Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,199 shares of the software company's stock after selling 2,576 shares during the quarter. Ethic Inc.'s holdings in Adobe were worth $16,554,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Adobe by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after buying an additional 171,547 shares during the period. Bank of New York Mellon Corp increased its holdings in 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 buying an additional 821,293 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Adobe by 12.7% in the fourth 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 last quarter. Northern Trust Corp increased its holdings in Adobe by 14.5% in the fourth 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 last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after purchasing an additional 1,856,544 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Oppenheimer decreased their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Finally, UBS Group increased their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $467.58.

Adobe Stock Performance

Shares of ADBE traded up $2.39 during mid-day trading on Monday, hitting $357.24. The stock had a trading volume of 2,916,752 shares, compared to its average volume of 3,790,775. The firm has a market cap of $151.54 billion, a P/E ratio of 22.86, a PEG ratio of 1.68 and a beta of 1.51. The business has a fifty day moving average price of $371.84 and a 200-day moving average price of $392.13. 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 52 week low of $330.04 and a 52 week high of $587.75.

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, beating analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.48 EPS. On average, equities research analysts expect that Adobe Inc. will post 16.65 EPS 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.