Beacon Investment Advisory Services Inc. Sells 2,219 Shares of Adobe Inc. (NASDAQ:ADBE)

Beacon Investment Advisory Services Inc. reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,550 shares of the software company's stock after selling 2,219 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in Adobe were worth $15,936,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Somerville Kurt F grew its position in Adobe by 11.3% during the first quarter. Somerville Kurt F now owns 4,167 shares of the software company's stock valued at $1,598,000 after acquiring an additional 422 shares during the last quarter. M. Kulyk & Associates LLC boosted its stake in shares of Adobe by 19.6% in the 1st quarter. M. Kulyk & Associates LLC now owns 544 shares of the software company's stock valued at $209,000 after purchasing an additional 89 shares in the last quarter. DeDora Capital Inc. grew its holdings in shares of Adobe by 76.4% during the 1st quarter. DeDora Capital Inc. now owns 1,503 shares of the software company's stock valued at $576,000 after purchasing an additional 651 shares during the last quarter. KLP Kapitalforvaltning AS raised its position in Adobe by 1.7% in the 1st quarter. KLP Kapitalforvaltning AS now owns 185,963 shares of the software company's stock worth $71,322,000 after purchasing an additional 3,150 shares during the period. Finally, PFG Advisors lifted its stake in Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after purchasing an additional 855 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Morgan Stanley reduced their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird lifted their price target on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and dropped their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, Wall Street Zen cut shares of Adobe from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Down 0.2%

Shares of Adobe stock traded down $0.77 during trading on Thursday, hitting $371.69. The company's stock had a trading volume of 2,689,293 shares, compared to its average volume of 3,438,503. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a market capitalization of $157.67 billion, a PE ratio of 23.78, a P/E/G ratio of 1.77 and a beta of 1.51. The company has a fifty day simple moving average of $392.60 and a two-hundred day simple moving average of $401.60. 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 announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share 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 business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the firm earned $4.48 earnings per share. The business's revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.