Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,524 shares of the software company's stock after selling 8,517 shares during the quarter. Cidel Asset Management Inc.'s holdings in Adobe were worth $14,008,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Smith Group Asset Management LLC lifted its holdings in Adobe by 4.8% during the first quarter. Smith Group Asset Management LLC now owns 48,353 shares of the software company's stock valued at $18,545,000 after purchasing an additional 2,230 shares in the last quarter. Rovin Capital UT ADV lifted its stake in Adobe by 13.3% in the 1st quarter. Rovin Capital UT ADV now owns 1,325 shares of the software company's stock valued at $508,000 after buying an additional 156 shares in the last quarter. Astoria Portfolio Advisors LLC. boosted its holdings in Adobe by 125.6% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,931 shares of the software company's stock worth $1,031,000 after buying an additional 1,632 shares during the last quarter. Salomon & Ludwin LLC increased its stake in Adobe by 946.2% during the 1st quarter. Salomon & Ludwin LLC now owns 136 shares of the software company's stock worth $52,000 after buying an additional 123 shares in the last quarter. Finally, JNBA Financial Advisors raised its holdings in shares of Adobe by 360.0% during the first quarter. JNBA Financial Advisors now owns 115 shares of the software company's stock valued at $44,000 after acquiring an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Up 1.3%

Shares of ADBE traded up $5.22 during midday trading on Tuesday, hitting $392.10. 4,514,147 shares of the stock were exchanged, compared to its average volume of 3,408,761. Adobe Inc. has a 52-week low of $332.01 and a 52-week 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 has a fifty day simple moving average of $394.10 and a 200 day simple moving average of $409.69. The firm has a market cap of $166.33 billion, a P/E ratio of 25.09, a P/E/G ratio of 1.83 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the business posted $4.48 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Company 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.