Coastline Trust Co Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Coastline Trust Co lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,385 shares of the software company's stock after selling 1,445 shares during the quarter. Coastline Trust Co's holdings in Adobe were worth $2,449,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Wilson Asset Management International PTY Ltd. lifted its holdings in Adobe by 7.7% during the first quarter. Wilson Asset Management International PTY Ltd. now owns 39,992 shares of the software company's stock worth $15,338,000 after acquiring an additional 2,867 shares during the period. Klingenstein Fields & Co. LP grew its stake in Adobe by 3.4% in the 1st quarter. Klingenstein Fields & Co. LP now owns 26,260 shares of the software company's stock valued at $10,071,000 after purchasing an additional 859 shares during the period. Harbour Trust & Investment Management Co increased its position in shares of Adobe by 3.4% during the 1st quarter. Harbour Trust & Investment Management Co now owns 21,672 shares of the software company's stock valued at $8,312,000 after purchasing an additional 720 shares during the last quarter. Arbor Trust Wealth Advisors LLC increased its position in shares of Adobe by 12.8% during the 1st quarter. Arbor Trust Wealth Advisors LLC now owns 527 shares of the software company's stock valued at $202,000 after purchasing an additional 60 shares during the last quarter. Finally, Pictet North America Advisors SA raised its stake in shares of Adobe by 7.6% during the 1st quarter. Pictet North America Advisors SA now owns 7,437 shares of the software company's stock worth $2,852,000 after purchasing an additional 523 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADBE. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their target price for the company from $420.00 to $280.00 in a research note on Wednesday. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, UBS Group increased their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $480.08.

Adobe Price Performance

Shares of ADBE stock traded up $1.09 during trading hours on Friday, reaching $379.56. The stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. The stock's fifty day simple moving average is $395.85 and its 200 day simple moving average is $408.79. The firm has a market capitalization of $161.01 billion, a PE ratio of 24.28, a PEG ratio of 1.79 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the company posted $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts predict 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.