Cerity Partners LLC Sells 21,446 Shares of Adobe Inc. (NASDAQ:ADBE)

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

A number of other institutional investors also recently modified their holdings of ADBE. Brighton Jones LLC lifted 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 valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after acquiring an additional 756 shares in the last quarter. GHE LLC raised its holdings in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after acquiring an additional 670 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after acquiring an additional 1,083 shares in the last quarter. Finally, Moors & Cabot Inc. raised its holdings in Adobe by 4.3% during the fourth quarter. Moors & Cabot Inc. now owns 3,704 shares of the software company's stock worth $1,647,000 after acquiring an additional 154 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. Evercore ISI reiterated an "outperform" rating and set a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Stifel Nicolaus dropped their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Citigroup dropped their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Performance

Shares of Adobe stock traded up $3.64 on Monday, hitting $366.99. The stock had a trading volume of 2,896,229 shares, compared to its average volume of 3,848,698. The stock has a market cap of $155.68 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business's 50 day moving average is $396.03 and its two-hundred day moving average is $405.23.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.48 earnings per share. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.