Atria Investments Inc Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Atria Investments Inc lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 15.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,310 shares of the software company's stock after selling 7,428 shares during the period. Atria Investments Inc's holdings in Adobe were worth $15,460,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Adobe during the fourth quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its holdings in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. Rothschild & Co Redburn cut shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a report on Wednesday, July 2nd. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Citigroup cut their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Trading Down 0.3%

Shares of Adobe stock traded down $0.95 during trading on Friday, reaching $370.74. The company's stock had a trading volume of 2,052,034 shares, compared to its average volume of 3,416,126. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a market cap of $157.27 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.76 and a beta of 1.51. The firm's 50-day moving average is $391.01 and its two-hundred day moving average is $400.84. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (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 analysts' expectations of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 EPS. The firm's revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current 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.