Adobe Inc. (NASDAQ:ADBE) Shares Sold by Spirepoint Private Client LLC

Spirepoint Private Client LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,859 shares of the software company's stock after selling 897 shares during the quarter. Spirepoint Private Client LLC's holdings in Adobe were worth $713,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC boosted 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 during the period. Norges Bank purchased a new stake in Adobe in the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 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 purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp boosted its position in shares of Adobe by 14.5% during 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 period. Finally, Edgewood Management LLC boosted its position in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after buying an additional 696,172 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Up 1.4%

ADBE traded up $5.21 on Wednesday, reaching $387.55. The company's stock had a trading volume of 3,715,639 shares, compared to its average volume of 3,402,785. The company has a market capitalization of $165.17 billion, a price-to-earnings ratio of 24.80, a P/E/G ratio of 1.80 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a 50 day moving average of $390.90 and a two-hundred day moving average of $414.07.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate 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 net margin of 30.39% and a return on equity of 53.68%. The company's 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. As a group, analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Oppenheimer cut their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Robert W. Baird lifted their target price on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $496.75.

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.