Brown Advisory Inc. Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Brown Advisory Inc. decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 75.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 300,334 shares of the software company's stock after selling 921,086 shares during the period. Brown Advisory Inc. owned about 0.07% of Adobe worth $115,187,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC grew its holdings in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after acquiring an additional 167 shares during the period. Bank Pictet & Cie Europe AG boosted its position in shares of Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after purchasing an additional 756 shares in the last quarter. GHE LLC grew its stake in shares of Adobe by 2.9% during the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after purchasing an additional 670 shares during the period. Proficio Capital Partners LLC increased its holdings in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after purchasing an additional 1,083 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Adobe by 11.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company's stock valued at $114,879,000 after purchasing an additional 25,543 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 2.2%

Adobe stock traded down $8.08 during trading on Friday, reaching $363.35. The company had a trading volume of 3,545,215 shares, compared to its average volume of 3,454,388. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50 day moving average price is $396.03 and its two-hundred day moving average price is $405.83. The firm has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.76 and a beta of 1.51.

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 the consensus estimate 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 period in the previous year, the company earned $4.48 EPS. The business's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADBE. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Oppenheimer lowered their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Jefferies Financial Group cut their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $480.08.

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.