Adobe Inc. (NASDAQ:ADBE) Shares Sold by Morningstar Investment Services LLC

Morningstar Investment Services LLC lowered its position 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 Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% in the fourth 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 last quarter. Bank of New York Mellon Corp grew its holdings in Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares in the last quarter. Norges Bank bought a new position in Adobe during the 4th quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Adobe by 12.7% during the 4th 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 acquiring an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.2%

Shares of ADBE stock traded down $0.66 on Friday, hitting $365.79. 2,445,698 shares of the stock traded hands, compared to its average volume of 3,477,489. The firm's 50-day moving average price is $394.20 and its two-hundred day moving average price is $403.01. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $155.17 billion, a PE ratio of 23.40, a PEG ratio of 1.73 and a beta of 1.51. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted 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. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.48 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Robert W. Baird increased their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Oppenheimer decreased their price objective 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. DA Davidson reaffirmed a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

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.