Highland Capital Management LLC Has $3.10 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Highland Capital Management LLC cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 24.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,080 shares of the software company's stock after selling 2,664 shares during the period. Highland Capital Management LLC's holdings in Adobe were worth $3,099,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ADBE. Geode Capital Management LLC increased its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new stake in Adobe during the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 12.7% during 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 in the last quarter. Northern Trust Corp raised its stake in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC boosted its holdings in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after acquiring an additional 696,172 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. BMO Capital Markets reissued an "outperform" rating and set a $450.00 price target on shares of Adobe in a research note 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. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $496.75.

Adobe Stock Performance

Shares of Adobe stock traded up $1.05 during trading on Monday, hitting $386.88. 4,643,408 shares of the stock were exchanged, compared to its average volume of 3,404,329. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average price of $393.23 and a 200-day moving average price of $410.24. The stock has a market capitalization of $164.11 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm 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 company earned $4.48 earnings per share. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS 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.