Blueshift Asset Management LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Blueshift Asset Management LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 58.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 530 shares of the software company's stock after selling 744 shares during the quarter. Blueshift Asset Management LLC's holdings in Adobe were worth $203,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ADBE. Brighton Jones LLC boosted its holdings in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of Adobe by 56.7% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,245 shares of the software company's stock worth $1,443,000 after buying an additional 1,174 shares during the last quarter. Peapack Gladstone Financial Corp boosted its holdings in shares of Adobe by 17.8% in the fourth quarter. Peapack Gladstone Financial Corp now owns 46,900 shares of the software company's stock worth $20,855,000 after buying an additional 7,095 shares during the last quarter. Finally, Titleist Asset Management LLC boosted its holdings in shares of Adobe by 82.2% in the fourth quarter. Titleist Asset Management LLC now owns 1,011 shares of the software company's stock worth $449,000 after buying an additional 456 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ADBE shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Stifel Nicolaus dropped their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price objective (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Trading Down 2.8%

Adobe stock opened at $347.80 on Monday. The stock has a market cap of $147.54 billion, a P/E ratio of 22.25, a PEG ratio of 1.65 and a beta of 1.52. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm's 50 day moving average price is $385.72 and its 200-day moving average price is $398.74.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $4.48 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.

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