AMI Asset Management Corp Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

AMI Asset Management Corp decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,455 shares of the software company's stock after selling 2,059 shares during the period. Adobe comprises 1.8% of AMI Asset Management Corp's investment portfolio, making the stock its 27th biggest position. AMI Asset Management Corp's holdings in Adobe were worth $30,857,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Copia Wealth Management purchased a new position in Adobe in the fourth quarter valued at $28,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $31,000. Bernard Wealth Management Corp. purchased a new stake in shares of Adobe during the fourth quarter worth about $36,000. Finally, Mascoma Wealth Management LLC increased its stake in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Up 0.2%

NASDAQ:ADBE traded up $0.88 on Friday, hitting $385.83. The stock had a trading volume of 5,081,963 shares, compared to its average volume of 3,406,087. 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 market cap of $163.67 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 1.82 and a beta of 1.55. The company has a fifty day moving average price of $393.23 and a two-hundred day moving average price of $411.65. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 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 for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the business posted $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ADBE shares. Robert W. Baird boosted their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. UBS Group boosted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Finally, Wells Fargo & Company restated 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. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $496.75.

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.