Morningstar Investment Services LLC Has $2.71 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Morningstar Investment Services LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 58.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,066 shares of the software company's stock after selling 9,896 shares during the quarter. Morningstar Investment Services LLC's holdings in Adobe were worth $2,710,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. AMG National Trust Bank boosted its stake in Adobe by 25.0% in the 1st quarter. AMG National Trust Bank now owns 2,236 shares of the software company's stock worth $858,000 after purchasing an additional 447 shares during the period. Formidable Asset Management LLC boosted its stake in Adobe by 8.4% in the 1st quarter. Formidable Asset Management LLC now owns 7,875 shares of the software company's stock worth $3,020,000 after purchasing an additional 609 shares during the period. Mystic Asset Management Inc. boosted its stake in Adobe by 44.6% in the 1st quarter. Mystic Asset Management Inc. now owns 655 shares of the software company's stock worth $251,000 after purchasing an additional 202 shares during the period. Allegiance Financial Group Advisory Services LLC acquired a new position in Adobe in the 1st quarter worth approximately $346,000. Finally, FLC Capital Advisors boosted its stake in Adobe by 18.5% in the 1st quarter. FLC Capital Advisors now owns 2,248 shares of the software company's stock worth $862,000 after purchasing an additional 351 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded up $5.19 during trading on Tuesday, hitting $372.87. 2,445,587 shares of the company's stock traded hands, compared to its average volume of 3,474,890. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm's fifty day moving average price is $394.20 and its 200 day moving average price is $402.45. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $158.17 billion, a PE ratio of 23.86, a PEG ratio of 1.74 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly 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. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $4.48 earnings per share. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ADBE shares. Stifel Nicolaus decreased their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their target price for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $473.88.

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.