Arrow Financial Corp Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Arrow Financial Corp lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 41.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,256 shares of the software company's stock after selling 4,413 shares during the period. Arrow Financial Corp's holdings in Adobe were worth $2,399,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH grew its position in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the 1st quarter worth approximately $26,000. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Copia Wealth Management purchased a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Finally, Summit Securities Group LLC acquired a new stake in Adobe in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Stifel Nicolaus lowered 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. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. 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 note on Friday, June 13th. Robert W. Baird lifted their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Price Performance

ADBE stock traded up $0.87 during trading on Thursday, hitting $373.33. The stock had a trading volume of 1,254,354 shares, compared to its average volume of 3,773,752. The company's 50 day moving average price is $392.60 and its two-hundred day moving average price is $401.60. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock has a market cap of $158.36 billion, a price-to-earnings ratio of 23.88, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

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

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.