Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cerity Partners LLC

Cerity Partners LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 262,672 shares of the software company's stock after selling 21,446 shares during the period. Cerity Partners LLC owned about 0.06% of Adobe worth $100,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH grew its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the 1st quarter valued at about $26,000. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter valued at about $28,000. Copia Wealth Management purchased a new position in Adobe during the fourth quarter worth approximately $28,000. Finally, Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter worth approximately $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ ADBE traded down $8.08 on Friday, hitting $363.35. 3,545,215 shares of the company's stock were exchanged, compared to its average volume of 3,454,388. The firm has a market cap of $154.13 billion, a price-to-earnings ratio of 23.25, a P/E/G ratio of 1.76 and a beta of 1.51. The firm's 50-day moving average price is $396.38 and its two-hundred day moving average price is $406.42. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 (NASDAQ:ADBE - Get Free Report) last posted its quarterly 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 return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the business earned $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Stifel Nicolaus decreased their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Citigroup reduced their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of "Moderate Buy" and an average price target 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.