Adobe Inc. (NASDAQ:ADBE) Stock Holdings Reduced by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,302 shares of the software company's stock after selling 4,610 shares during the period. Adobe accounts for about 2.0% of Meridian Investment Counsel Inc.'s investment portfolio, making the stock its 7th biggest holding. Meridian Investment Counsel Inc.'s holdings in Adobe were worth $6,636,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Proffitt & Goodson Inc. boosted its position in shares of Adobe by 3.1% during the first quarter. Proffitt & Goodson Inc. now owns 1,853 shares of the software company's stock worth $711,000 after buying an additional 56 shares during the period. Vickerman Investment Advisors Inc. acquired a new position in shares of Adobe during the first quarter worth approximately $1,013,000. Core Alternative Capital boosted its position in shares of Adobe by 9,760.5% during the first quarter. Core Alternative Capital now owns 11,241 shares of the software company's stock worth $4,311,000 after buying an additional 11,127 shares during the period. Novare Capital Management LLC boosted its position in shares of Adobe by 20.3% during the first quarter. Novare Capital Management LLC now owns 31,396 shares of the software company's stock worth $12,041,000 after buying an additional 5,293 shares during the period. Finally, Concurrent Investment Advisors LLC lifted its position in Adobe by 9.7% in the first quarter. Concurrent Investment Advisors LLC now owns 4,656 shares of the software company's stock worth $1,786,000 after purchasing an additional 413 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 0.6%

NASDAQ:ADBE traded down $2.38 during trading hours on Monday, hitting $376.93. 3,542,960 shares of the stock traded hands, compared to its average volume of 3,433,287. The firm has a 50 day moving average price of $396.09 and a 200 day moving average price of $407.83. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market cap of $159.89 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 earnings per share. The business's quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Robert W. Baird upped their target price on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. UBS Group upped their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $480.08.

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.