Adobe Inc. (NASDAQ:ADBE) Stake Lowered by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,611 shares of the software company's stock after selling 9,478 shares during the period. PNC Financial Services Group Inc.'s holdings in Adobe were worth $47,408,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ADBE. Brighton Jones LLC boosted its holdings in 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 in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in 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 in the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in Adobe by 56.7% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,245 shares of the software company's stock worth $1,443,000 after purchasing an additional 1,174 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in Adobe by 17.8% in the fourth quarter. Peapack Gladstone Financial Corp now owns 46,900 shares of the software company's stock worth $20,855,000 after purchasing an additional 7,095 shares in the last quarter. Finally, Titleist Asset Management LLC lifted its position in Adobe by 82.2% during the 4th quarter. Titleist Asset Management LLC now owns 1,011 shares of the software company's stock worth $449,000 after acquiring an additional 456 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

NASDAQ:ADBE opened at $347.80 on Monday. Adobe Inc. has a 12-month low of $332.01 and a 12-month 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. The firm has a market capitalization of $147.54 billion, a PE ratio of 22.25, a price-to-earnings-growth ratio of 1.65 and a beta of 1.52. The firm has a 50-day moving average price of $385.72 and a 200 day moving average price of $398.74.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the business posted $4.48 earnings per share. The company's quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on ADBE shares. Mizuho cut their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Citigroup cut their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, Evercore ISI reissued an "outperform" rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.

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