Cambridge Investment Research Advisors Inc. Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Cambridge Investment Research Advisors Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,044 shares of the software company's stock after selling 4,066 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Adobe were worth $21,878,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC increased its holdings in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank acquired a new position in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 12.7% in the fourth 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 valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp increased its holdings in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC increased its holdings in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Jefferies Financial Group dropped their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. UBS Group upped 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. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $496.75.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $5.21 on Wednesday, hitting $387.55. The company had a trading volume of 3,715,639 shares, compared to its average volume of 3,403,827. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The business has a 50 day moving average of $391.76 and a 200 day moving average of $413.89. The company has a market cap of $165.17 billion, a PE ratio of 24.80, a PEG ratio of 1.81 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last issued 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 return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the business earned $4.48 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. As a group, equities analysts anticipate 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.