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Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bellevue Asset Management LLC

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Bellevue Asset Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 31.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,689 shares of the software company's stock after selling 773 shares during the quarter. Bellevue Asset Management LLC's holdings in Adobe were worth $648,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% during the 4th 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 period. Norges Bank purchased a new stake in shares of 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 shares of 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 purchasing an additional 600,146 shares during the period. Northern Trust Corp grew its holdings in shares of 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 purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC grew its holdings in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.3%

Shares of ADBE traded up $1.09 during trading on Thursday, reaching $379.56. The company's stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. The company has a fifty day moving average of $395.48 and a two-hundred day moving average of $409.36. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $161.01 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 1.79 and a beta of 1.51. 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 posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.48 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Robert W. Baird boosted their price target on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. JPMorgan Chase & Co. reduced their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Bank of America boosted their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $480.08.

Check Out Our Latest Stock Report on ADBE

Adobe Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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