General American Investors Co. Inc. Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

General American Investors Co. Inc. lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 31,006 shares of the software company's stock after selling 1,494 shares during the period. General American Investors Co. Inc.'s holdings in Adobe were worth $11,892,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after purchasing an additional 756 shares during the last quarter. GHE LLC raised its stake in shares of Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after purchasing an additional 670 shares during the last quarter. Proficio Capital Partners LLC raised its stake in shares of Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after purchasing an additional 1,083 shares during the last quarter. Finally, Harbour Investments Inc. raised its stake in shares of Adobe by 1.8% in the fourth quarter. Harbour Investments Inc. now owns 3,457 shares of the software company's stock worth $1,537,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. UBS Group increased their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Morgan Stanley decreased their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Price Performance

NASDAQ:ADBE traded down $0.66 during trading hours on Friday, hitting $365.79. 2,445,698 shares of the company's stock traded hands, compared to its average volume of 3,468,844. The firm has a market cap of $155.17 billion, a P/E ratio of 23.40, a P/E/G ratio of 1.72 and a beta of 1.51. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The business's fifty day simple moving average is $394.55 and its two-hundred day simple moving average is $403.55. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The company 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 firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $4.48 earnings per share. On average, research analysts anticipate 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.