Northwest & Ethical Investments L.P. Sells 12,773 Shares of Adobe Inc. $ADBE

Key Points

• Northwest & Ethical Investments L.P. reduced its stake in Adobe Inc. by 29.4%, now holding 30,712 shares worth approximately $11.78 million.
• Analysts have mixed views on Adobe's stock, with recent ratings ranging from "strong sell" to "outperform", leading to a consensus target price of $467.58.
• Adobe reported a quarterly earnings per share (EPS) of $5.06, exceeding analysts' expectations, with revenue growth of 10.6% year-over-year.

Northwest & Ethical Investments L.P. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,712 shares of the software company's stock after selling 12,773 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Adobe were worth $11,779,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Bowie Capital Management LLC boosted its stake in shares of Adobe by 4.9% during the first quarter. Bowie Capital Management LLC now owns 191,466 shares of the software company's stock valued at $73,433,000 after purchasing an additional 8,958 shares during the period. Raymond James Financial Inc. raised its holdings in shares of Adobe by 3.2% during the first quarter. Raymond James Financial Inc. now owns 565,986 shares of the software company's stock valued at $217,073,000 after acquiring an additional 17,666 shares in the last quarter. Forvis Mazars Wealth Advisors LLC raised its holdings in shares of Adobe by 4.8% during the first quarter. Forvis Mazars Wealth Advisors LLC now owns 8,435 shares of the software company's stock valued at $3,235,000 after acquiring an additional 385 shares in the last quarter. Tocqueville Asset Management L.P. raised its holdings in shares of Adobe by 2.0% during the first quarter. Tocqueville Asset Management L.P. now owns 125,692 shares of the software company's stock valued at $48,207,000 after acquiring an additional 2,503 shares in the last quarter. Finally, Wealthedge Investment Advisors LLC bought a new position in shares of Adobe during the first quarter valued at approximately $1,094,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. Robert W. Baird upped their target price on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Citigroup decreased their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Melius downgraded Adobe from a "hold" rating to a "sell" rating and set a $310.00 target price for the company. in a report on Monday, August 11th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $467.58.

Adobe Stock Performance

Shares of Adobe stock traded up $2.39 during trading hours on Monday, reaching $357.24. 2,920,441 shares of the stock traded hands, compared to its average volume of 3,647,353. The company has a 50 day moving average price of $370.66 and a 200 day moving average price of $391.57. The firm has a market capitalization of $151.54 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 1.68 and a beta of 1.51. Adobe Inc. has a one year low of $330.04 and a one year high of $587.75. 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 released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) 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 the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.48 EPS. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.